Bitcoin Becomes Top Five Global Asset as Market Cap Tops $2.5T

TLDR

Table of Contents

Bitcoin’s market cap surpasses $2.4T, ranking it 5th among global assets, ahead of Amazon, Silver, and Alphabet.
Bitcoin hit an all-time high of $123,000, gaining nearly 13% in the past week.
Spot Bitcoin ETFs recorded seven straight days of inflows, adding over $1B on Friday alone.
Over 265 companies now hold Bitcoin, with 3.5M BTC in corporate and ETF treasuries.

Bitcoin has become the world’s fifth-largest asset by market capitalization. The price of Bitcoin rose to a new all-time high of $122,600, which pushed its market capitalization to over $2.4 trillion. This placed it above Amazon, Silver, and Alphabet.

This milestone was supported by continued buying activity in the United States through spot Bitcoin exchange-traded funds (ETFs). The increased institutional investment has been one of the key drivers behind the recent surge in Bitcoin’s value and global standing.

Market Cap Pushes Bitcoin Above Amazon and Silver

Bitcoin’s recent market gains pushed its valuation higher than Amazon’s $2.3 trillion market cap. It also moved past Silver and Google’s parent company Alphabet, which have market caps of $2.2 trillion and $2.19 trillion respectively.

At its current valuation, Bitcoin is now just under Apple, which remains one of the most valuable companies in the world with a $2.47 trillion market cap.

According to CoinMarketCap, Bitcoin’s price increased by nearly 13% over the past week. It marked a period of sustained upward momentum fueled by institutional participation and positive sentiment across financial markets.

Brickken’s market analyst Enmanuel Cardozo said, “With institutional giants like BlackRock and MicroStrategy’s treasury continually increasing, the legitimacy of Bitcoin as an investable asset class is no longer in question.”

Source: CryptoRover/X

Cardozo also noted that the current macroeconomic environment, along with regulatory shifts, may help Bitcoin challenge Apple and Microsoft in market cap. A Bitcoin price of $142,000 would put it above Apple, while a price of $167,000 would surpass Microsoft’s valuation.

Institutional Demand Through ETFs Drives Rally

The surge in Bitcoin’s price has been closely tied to strong inflows into spot Bitcoin ETFs in the U.S. These ETFs saw a seven-day streak of positive net inflows, including over $1 billion on Friday alone. Data from Farside Investors confirmed the large amount of capital entering the market through these investment vehicles.

As of now, over 3.5 million BTC is held by companies. Among these, 853,000 BTC is in public company treasuries, and 1.4 million BTC is held by spot ETFs. The number of companies holding Bitcoin on their balance sheets has doubled in the past month, reaching more than 265 firms.

February 2024 saw ETFs accounting for 75% of all new Bitcoin investment. This momentum has continued into July, helping push the price above $120,000 for the first time. Traders and analysts say this ETF-driven demand has added liquidity and strengthened market confidence

Traders Set New Price Targets as Bitcoin Hits Record Highs

After a strong weekly close above $107,700, the price moved quickly to over $120,000. Popular trader Cas Abbe said that BTC could hit $135,000 in the current quarter, followed by consolidation and another rally. BitQuant, another trader, expects a top price of $145,000.

Keith Alan, co-founder of Material Indicators, said the current pattern on the BTC chart took 44 months to form. “I believe price will go higher before we reach the cycle top,” he added on social media.

Despite high US dollar figures, the percentage gain for July is around 14%, which is in line with past years. Historical data from CoinGlass shows that July often brings gains, but August tends to be less favorable. Analysts suggest that most gains in July happen in the first two weeks of the month.

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