Silver experienced extraordinary volatility on Monday, January 26, with cumulative market capitalization swings of nearly $2 trillion within just 14 hours.

The sharp moves began early in the morning. First, between 9:00 a.m. (ET) and 1:00 p.m. (ET), silver’s market capitalization increased by approximately $500 billion. 

Then, the gain reversed rapidly in the afternoon, as the precious metal shed an estimated $950 billion in market value between 1:00 p.m. (ET) and 4:30 p.m. (ET).

In the evening, however, from 4:30 p.m. (ET) to 10:30 p.m. (ET), silver recovered roughly $500 billion in market capitalization again.

Silver’s market swings rival Bitcoin 

For comparison, the sheer volume of yesterday’s price movements surpasses the entire market capitalization of Bitcoin (BTC), the largest cryptocurrency by that metric, whose total value hovers around $1.75 trillion at the time of writing. 

As such, the charts have recorded one of the most dramatic sessions in the metal’s recent trading history, leaving the market wondering whether it could become a long-term reference point for market volatility.

Currently, silver’s overall market cap sits at approximately $6.3 trillion, the price having fallen 2.5% to $112.58 over the past 24 hours. This makes it the second most valuable asset on the planet, surpassed only by gold, which has broken to new record highs at $5,092 per ounce and which enjoys a market cap of roughly $35.4 trillion. 

The rallies have garnered a lot of attention from investors and analysts alike, some of them forecasting a $27,000 price target for gold and $200 for silver, as demand expands well beyond traditional monetary roles.

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