Silver has recently outpaced Bitcoin in market cap, reclaiming its position as the eighth-largest asset after being surpassed by the cryptocurrency just two months ago. As of now, Bitcoin would need to reach $93,000 to flip silver's market cap, a significant 40% increase from its current value.

In 2024, silver has made a remarkable recovery, increasing its market cap by 33.4% since Bitcoin reached an all-time high of $73,737 on March 14. During this period, Bitcoin has retraced 9.5%, according to CoinGecko data. Silver's market cap now stands at $1.83 trillion, $500 billion more than Bitcoin’s $1.31 trillion, as per Companies Market Cap.

Currently, Bitcoin ranks as the ninth-largest asset globally, trailing behind gold, Microsoft, Apple, Nvidia, Google, Saudi Aramco, Amazon, and silver. Gold, the top precious metal, has also seen significant gains, with a 22.4% increase since February 13, and now boasts a market cap of $16.4 trillion, according to Trading Economics.

The industry remains divided on Bitcoin's future price movements after it achieved a new all-time high in March. Bitcoin analyst Dylan LeClair has pointed out that historically, Bitcoin tends to double in value within months of hitting new peaks, especially around halving events. However, with Bitcoin's current market cap significantly larger than in previous cycles (2012, 2016, 2020), replicating such growth is more challenging.

Galaxy Digital's founder and CEO, Mike Novogratz, predicts that Bitcoin will remain in a "consolidation phase" between $55,000 and $75,000 over the next month, potentially rising toward the end of the second quarter. Meanwhile, analysts at Bitfinex foresee Bitcoin reaching as high as $150,000 over the next 12 months.

Several factors are cited by industry experts as potential drivers for these high predictions, including the anticipated approval of spot Bitcoin exchange-traded funds (ETFs) and the effects of the next Bitcoin halving event. Bitcoin’s market sentiment is currently strong, with a score of 70 out of 100 on the Crypto Fear and Greed Index, indicating a firm position in the "Greed" zone.

As Bitcoin continues to navigate its consolidation phase and market dynamics evolve, the potential for it to reclaim its position over silver remains a closely watched development in the financial markets.