Silver surpasses a $5 trillion market cap, officially overtaking NVIDIA to become the second-largest asset globally

Spot silver’s total market value has just crossed the $5 trillion mark, which not only means it officially becomes the second-largest asset globally (after gold), but more importantly, it has surpassed tech giant NVIDIA. Behind this milestone is a “quiet revolution” in the precious metals market over the past three months.

Historic Breakthrough in Silver Market Cap

Silver prices have continued to hit new highs in recent days. According to the latest news, spot silver has broken through $89 per ounce, with an intraday increase of 3.45%. This is just a snapshot of the recent upward trend—rising from $84.73 on January 12 to now $89.93, silver has gained over 6% in just two days.

Even more noteworthy is this longer time frame: over the past 73 days, silver prices have increased by 54%; in nearly three months, silver has remained high and continued to set new records. This sustained upward momentum has shifted silver from a traditional industrial commodity to a significant global asset.

The Real Drivers Behind This Rally

The surge in silver prices is not speculation but supported by solid fundamentals:

Supply-side Challenges
Mine production has failed to meet consumption demand for the fifth consecutive year, directly leading to a global silver supply crunch. In this context, rising prices are a natural market response.

Robust Demand Growth
Industrial demand, especially from AI and electronics sectors, is growing strongly. These industries have high demand for silver, and with the development of AI chips and electronic devices, this demand will only increase, not decrease.

Market Sentiment Shift
Precious metals are no longer seen solely as safe-haven assets. Gold has hit a record high of $4,630 per ounce, with silver following closely behind, reflecting a reassessment of the stability of fiat currency systems.

Comparing with Other Assets

Silver surpassing NVIDIA’s market cap highlights an interesting phenomenon. NVIDIA, as a leader in AI chips, has a market value that is among the top in global tech stocks, but now it has been overtaken by a traditional commodity asset. This doesn’t imply NVIDIA has issues, but rather indicates a renewed recognition of the importance of precious metals.

In contrast, Bitcoin has also hit new highs but has retraced about $30,000 from its all-time peak. Meanwhile, gold and silver continue to set new records. This divergence reflects different market risk assessments for various asset classes.

What Do Analysts Say About the Future?

According to senior analyst Rashad Hajiyev, silver prices are expected to surge to $130–140 by March 2026 after a brief consolidation around $100. He notes that if silver breaks out of the ascending wedge pattern, it could push to $96 or even break the three-digit threshold.

What is this forecast based on? Ongoing supply tightness, growing industrial demand, and the rising status of precious metals as safe-haven assets.

New Changes in the Market Ecosystem

It’s worth noting that new participants are entering the precious metals market. XStable recently completed a multi-million dollar seed round and was selected for the Solana Solaris accelerator. The company launched the first decentralized trading engine on Solana focused on precious metals perpetual contracts, offering trading pairs for gold, silver, and more. This indicates that the precious metals market is being reshaped by blockchain infrastructure, enabling more retail investors to participate at lower barriers.

Summary

The market cap of silver surpassing $5 trillion and overtaking NVIDIA as the second-largest global asset is not an isolated data point but reflects deeper market shifts. Tight supply, strong industrial demand, rising safe-haven appeal, and a mature derivatives market are collectively driving a revaluation of precious metals. Analysts forecast further upside for silver, but whether this trend can continue depends on whether the fundamentals remain supportive. Key factors to watch include Federal Reserve policies, actual industrial demand, and the development of precious metals derivatives markets impacting the spot market.