Silver just touched another all-time high—$4.365 trillion market cap.

Let that sink in for a moment.

Compare that to where crypto stands: Silver is trading at a 50.5% premium to the entire crypto market. And when you look at Bitcoin specifically? Silver is valued 150.7% higher than BTC.

Here's the thing—does that math actually make sense? A traditional commodity sitting at more than 2.5x the valuation of the world's leading digital asset feels off.

Maybe it's worth reconsidering what these relative valuations are really telling us about market sentiment and asset discovery in 2025.