Silver surged to $117 per ounce during Monday trading before easing back to around $105. Based on the figures cited in the source material, silver’s cumulative return since 2017 has now moved ahead of Bitcoin, putting the metal among the best-performing mainstream assets over that stretch. That comparison has started to circulate widely in crypto circles as traders reassess how digital assets stack up against precious metals in the current cycle.
Industrial consumption, not just safe-haven demand, is driving the move
The source points to physical demand as the main force behind silver’s rally. Data from the Silver Institute shows global industrial silver consumption reached about 680 million ounces in 2024, accounting for nearly 60% of total demand. That makes this run different from a purely defensive move tied to macro stress.
Solar is described as the biggest incremental driver. The material says global solar installations are projected to reach roughly 665 GW in 2026, implying silver usage of around 120 million to 125 million ounces. Demand tied to manufacturing and energy infrastructure gives silver a different support base than assets driven mainly by capital flows.
Silver has doubled in two years while Bitcoin trades below its peak
The performance gap is sharp. According to the source, silver is up about 53% so far in 2026 after gaining about 50% in 2025, taking its two-year return above 100%. Bitcoin, by contrast, has fallen roughly 30% from last year’s $126,000 high and is now trading in the $87,000 to $89,000 range.
That divergence has fed a wave of jokes online, with crypto users mocking themselves and casting gold-and-silver holders as the unexpected winners of the moment. The meme spread is secondary. The pricing gap is what gave it traction.
Institutional interest rises, but silver volatility remains part of the story
The article says expectations of a Federal Reserve policy shift and rising geopolitical risk have pushed some capital away from high-volatility risk assets and into tangible precious metals. Silver, with both industrial and defensive characteristics, has drawn renewed institutional attention.
Still, the source also flags silver’s own instability. Without central bank reserves acting as a stabilizer, the metal can see violent swings during extreme episodes such as futures squeezes. The article also cites Tom Lee, who argues that the current shine of precious metals may be obscuring a rebound in crypto, with institutions buying digital assets on weakness.