Bitcoin’s market capitalization overtook silver Monday evening, reaching $1.75 trillion to secure its position as the world’s eighth-largest asset.

It comes as Bitcoin breached $89,000, topping out at $89,560, before dropping back below those levels, data from CoinGecko shows. 

The asset has lept more than 9% on the day following strong institutional demand and sustained interest in spot Bitcoin exchange-traded funds in recent weeks.

It also marks the second time Bitcoin has flipped silver this year, after overtaking the commodity in March, according to data from Infinite Market Cap. 

Silver, meanwhile, has witnessed a decline of 6.24% over the past week, bringing its total market cap to $1.732 trillion. Bitcoin, meanwhile, is up by roughly 30% over the same period.

The comparison with silver, historically viewed as a relatively stable store of value,

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Author: Vince Dioquino