Bitcoin experienced a remarkable surge in 2024, hitting a new all-time high of $73,679 in March.
So far, in 2024, Bitcoin has had a very successful year. On March 13, it reached a new all-time high price of $73,679, and since then, it has hovered closely around the $70,000 level.
This represents an increase of more than 140% compared to the same period in the previous year. Silver briefly eclipsed Bitcoin as the eighth most valuable commodity in the world by market capitalization when Bitcoin achieved its 2024 peak (so far) and a new all-time high.
Bitcoin Achieves All Time High
This occurred when Bitcoin reached its latest all-time high. Considering the current state of the market, if one were to fast-forward one year and maintain the same rate of growth, the price of Bitcoin would reach around $170,574 by the beginning of April 2025.
This would put it ahead of silver at the moment, as well as Amazon, Alphabet (Google), Saudi Aramco, Nvidia and Microsoft, and it would grab the second-place rank on the list of the top 100 commodities by capitalization that CompaniesMarketcap compiles.
![Bitcoin](https://coinxposure.com/wp-content/uploads/2024/03/d0b545c5-bcd8-4614-b4ee-b4d70b1cd054-1024x519.jpg)
However, this number is only relevant when considering a scenario in which it expands. At the same time, the rest of the market remains the same and the current market capitalizations can serve as a measuring stick for determining what its possible future growth might look like.
If the market capitalization of silver continues to be at its present level of $1.412 trillion, Bitcoin has the potential to surpass it once more by increasing its current price point from $69,678 (as of the time this article was published) to $71,732.
If this were to occur, Bitcoin would have a total market capitalization of around $1.413 trillion and be the single holder of the eighth-place position on the list. With a market value of $1.885 trillion, the Mountain View search giant is only $12 billion ahead of Amazon in market capitalization.
By attaining a price of about $95,642 and surpassing a market valuation of $1.885 trillion, Bitcoin has the potential to overtake both of these cryptocurrencies and take the sixth slot on the list. Given that Saudi Aramco is now in fifth place with a market capitalization of $1.984 trillion, this would put it in direct competition with Saudi Aramco.
Nvidia and Apple currently occupy the fourth and third positions on the lists, respectively. For Bitcoin to move up to third place and have a chance of unseating Microsoft from its position as the second-place company, it will need to reach a total market value of approximately $2.65 trillion.
The value that Bitcoin needs to surpass to reach number two on the list and surpass Microsoft’s $3.126 trillion cap is approximately $165,608 per BTC. This is the number that Bitcoin needs to overcome.
Given that the price of Bitcoin is currently just under $70,000, this may appear to be an unrealistic expectation, however, it is essential to keep in mind that the price of Bitcoin climbed by about 144.82% year over year from April 2023 to the end of March the following year.
Compared to its current value of $69,678, Bitcoin would reach around $170,574 if it were to climb by 144.82% over the following year. Its market valuation would be around $3.224 trillion if it were to be purchased at this price, which is more than sufficient to surpass Microsoft.
Assuming that the entire market stayed unchanged and that the price of Bitcoin alone increased, the cost of Bitcoin would need around $800,476 per bitcoin to hit a market value of $15.15 trillion once it had maintained its position as the second most valuable cryptocurrency.
In this scenario, the market capitalization of the world’s first cryptocurrency would surpass the current value of gold, which is $15.141 trillion, and take the top spot on the market cap leaderboard.