Bitcoin has become the fifth largest asset in the world, with a market capitalization exceeding Amazon.
Bitcoin's price surged to a historic high of $122,600 on Monday (July 14) and has risen nearly 13% in the past week, as reported by Cointelegraph.
According to Companiesmarketcap, these gains have pushed Bitcoin's market capitalization above $2.4 trillion, surpassing Amazon's $2.3 trillion, silver's $2.2 trillion, and Alphabet's (Google) $2.19 trillion.
This means that at the time of writing, Bitcoin's market capitalization is only $730 million less than that of tech giant Apple.
According to Enmanuel Cardozo, a market analyst at the physical asset tokenization platform Brickken, this development indicates an increasing presence of Bitcoin in the global financial system. He told Cointelegraph, "With the continuous influx of funds from institutional giants like BlackRock and MicroStrategy, the legitimacy of Bitcoin as an investable asset class is no longer in question, and regulatory trends are also shifting."
Cardozo stated that ongoing institutional accumulation and a "supportive macro environment may also help Bitcoin surpass Apple's valuation, which means Bitcoin's price could exceed $142,000.
Investors are not only focusing on Apple; surpassing Microsoft's market capitalization is also a goal. This would mean Bitcoin's price reaching $167,000, which "is not impossible, considering the huge demand for spot Bitcoin ETFs," he added.
Bitcoin's new record high comes during a period of increasing institutional adoption, with the number of companies holding Bitcoin doubling since June 5. There are now over 265 companies holding Bitcoin on their balance sheets, up from just 124 a few weeks ago.
Companies collectively hold 3.5 million Bitcoins, of which 853,000 BTC, or 4% of the total supply, are held in the treasuries of publicly traded companies, with over 1.4 million BTC, or 6.6% of the supply, held through spot Bitcoin exchange-traded funds (ETFs).
The U.S. spot Bitcoin ETF ended last week with a seven-day buying spree, significantly increasing liquidity for Bitcoin's price momentum.
Farside Investors data shows that the spot Bitcoin ETF saw net inflows of over $1 billion on Friday, marking the seventh consecutive day of investment.
The inflows into the spot Bitcoin ETF have been a significant catalyst for Bitcoin reaching new highs.
In February 2024, ETFs accounted for 75% of new investments in Bitcoin within two weeks. This activity helped push BTC prices above $50,000.
Bitcoin's price may also benefit from increased interest sparked by events the U.S. government refers to as "Crypto Week." Legislators are seeking to advance three key cryptocurrency bills expected to promote the development of the national crypto industry: the GENIUS Act, which guides and establishes national innovation for U.S. stablecoins, the Digital Asset Market Clarity Act (CLARITY Act), and the Anti-CBDC Surveillance National Act, aimed at preventing the creation of central bank digital currencies (CBDCs).
Related: The U.S. Democratic Party counters digital asset bills with "Anti-Crypto Corruption Week"
Original article: “Bitcoin (BTC) Surpasses Amazon's $2.3 Trillion Market Cap, Becoming the Fifth Largest Asset in the World”
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