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Bitcoin turns silver as it rises above $71,000 for the first time ever

Bitcoin, increasingly referred to as “digital gold,” tipped silver’s market cap on its way past $71,000 and set a new all-time high.

It’s a milestone that Bitcoin has seen many times since early March.

On Friday afternoon, Bitcoin broke above $70,000 for the first time. Early Monday morning, the Bitcoin price started to rise and stood at $71,239.37 at the time of writing. It’s up 2.7% since yesterday and 11.4% since this time last week.

As is usually the case, the all-time high price depends on which exchange or price aggregator you check. At approximately 9:20 AM Central European Time, the BTC price was $71,700 on Coinbase; $71,560 on CoinGecko; and $71,607 on CoinMarketCap.

Screenshot of Bitcoin market cap compared to silver market cap. Source: Infinite Market Cap

Just three months ago, as expectations for the adoption of spot Bitcoin ETFs began to build, Bitcoin managed to topple Elon Musk’s electric car company Tesla, Facebook, Instagram and WhatsApp parent company Meta, and Bitcoin’s multinational conglomerate hater Warren Buffett. Berkshire Hathaway.

That makes Bitcoin the newly minted eighth largest due to its $1.4 trillion market cap. In addition to gold, which long held the top spot with a market cap of $14.7 trillion, it still trails Microsoft, Apple, Nvidia, Saudi Aramco, Amazon and Google parent Alphabet.

Why this bullish price rally? An important reason is the impending halving of Bitcoin. The latest estimate is that the halving will take place in about 35 days, on April 15, according to NiceHash.

Bitcoin’s halving reduces the reward paid to Bitcoin miners for processing new blocks on the network. It’s happened three times since Bitcoin came into existence. This fourth halving reduces the Bitcoin reward from 6.25 BTC to 2.125 BTC.

Meanwhile, Ethereum recovered $4,000 this morning after seeing it for the first time since 2021 on Friday. At the time of writing, ETH appears to have encountered some resistance. The Ethereum price is at $3,992.13, after rising 1.3% since yesterday and 13.6% since last week.

In terms of market cap, Ethereum’s $480 billion market cap makes it larger than the SPDR S&P 500 ETF Trust and is quickly approaching Walmart’s market cap of $484 billion, according to Infinite Market Cap.

ETH itself also has bullish news as a tailwind this week. In just two days, Ethereum developers will roll out the Dencun upgrade. Ethereum transactions are expected to become dramatically faster and cheaper, developers said Declutter last week.

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