Bitcoin surged above $124,000 on Thursday, reaching a historic high and sparking a new wave of optimism among investors who believe the next round of price discovery could push the cryptocurrency's market capitalization close to Apple's $3.4 trillion.
Bitcoin (BTC) hit a historic high of $124,457, briefly surpassing Google's $2.45 trillion market cap, making it the fifth-largest asset globally.
"Bitcoin hits an all-time high, and it's only Wednesday," tweeted Tyler Winklevoss, co-founder of Gemini, prompting a wave of optimistic responses, including from well-known investor Kyle Chassé, who predicted this would be "Bitcoin's best week."
The new milestone for Bitcoin has ignited a fresh wave of optimism, with investors now focused on the continuation of the price discovery phase, which could see Bitcoin surpass Apple's market cap next.
Crypto analyst and Taproot developer Udi Wertheimer stated in a Thursday post on X that Bitcoin needs to rise above $175,000 to exceed Apple's current $3.4 trillion market cap, which could happen before the end of August.
However, the $175,000 price prediction appears conservative compared to the forecast by Arthur Hayes, co-founder of BitMEX and chief investment officer of Maelstrom, who predicts that if the Federal Reserve shifts to quantitative easing and injects more liquidity into the financial system amid rising inflation pressures, Bitcoin could climb to $250,000 by 2025.
Bitcoin's new milestone has pushed the total market capitalization of cryptocurrencies to surpass $4.1 trillion for the first time in crypto history.
Vugar Usi Zade, chief operating officer of Bitget exchange, stated that the current momentum indicates an increase in "institutional capital," thanks to a favorable macro environment and increasingly clear regulatory landscape.
Zade told Cointelegraph that policy shifts such as the recently passed GENIUS Act, along with "structural changes" like 401(k) crypto allocations, are attracting more institutional capital that could sustain Bitcoin's upward momentum. He added:
He explained that whether this marks the beginning of "multi-quarter bull market expansion or a peak before a consolidation phase will depend on how the market digests its own momentum."
Other industry observers also hold an optimistic view of Bitcoin's momentum. Jeff Park, chief investment officer of ProCap BTC, wrote in a Wednesday post on X, "This is objectively the easiest BTC bull market setup ever."
Meanwhile, well-known analyst Rekt Capital noted in a Wednesday post on X that after Bitcoin turned the psychological barrier of $120,000 into significant support, $126,000 is becoming the "key" price level to confirm the next breakout.
Related: Analysts worry that Ethereum (ETH) investors have overly high expectations for a Federal Reserve rate cut.
Original article: “Bitcoin (BTC) briefly surpasses Google's market cap, becoming the fifth-largest asset globally”
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