Bitcoin Surpasses Amazon, Fifth-Largest Asset

Bitcoin has now secured its position as the world's fifth-largest asset by market capitalization, with its price soaring to around $122,000. This dramatic rise has pushed its total market cap to $2.407 trillion, surpassing prominent entities like Amazon, Silver, and Google, as reported by companiesmarketcap.com. Gold remains the leading asset, valued at $22.64 trillion, followed by NVIDIA, Microsoft, and Apple. The price surge occurred late Sunday night as Bitcoin climbed above $120,000 for the first time, reaching $122,500 by 2 a.m. Monday, according to The Block's bitcoin price page. Vincent Liu, chief investment officer at Kronos Research, commented on the rally, stating, "This rally isn’t just momentum; it’s infrastructure-driven." He identified several key factors fueling this increase: institutional investments via ETFs, supportive policies from Washington, and improved macroeconomic liquidity. Recent data indicates ongoing institutional demand in U.S. spot bitcoin ETF inflows, with over $16 billion moving into these funds over several weeks of positive inflow. Additionally, as U.S. lawmakers prepare to discuss critical crypto proposals during "Crypto Week," the anticipation could lead to further market movements, with key acts like the CLARITY Act and the GENIUS Act on the agenda. Liu suggests that if the current trends continue and the Federal Reserve signals a potential interest rate cut, Bitcoin could climb to between $130,000 and $150,000 by the end of the year. Eugene Cheung, chief commercial officer at OSL exchange, also noted the potential for Bitcoin to reach $130,000 to $150,000 by 2025. However, Liu warned that the biggest risk lies in the lack of retail confidence in Bitcoin, despite strong institutional backing. Liu highlighted, "A stall in ETF inflows or renewed policy uncertainty could disrupt what’s currently a well-structured macro uptrend." This surge in Bitcoin has positively impacted altcoins, with Ethereum gaining 2.71% to surpass $3,000, XRP up 4.82% to $2.91, and Solana increasing 3.21% to $165.9. The GMCI 30 Index, measuring the performance of the top 30 cryptocurrencies, is also up by 3.6% over the past day. Disclaimer: The Block is an independent media outlet delivering news, research, and data. As of November 2023, Foresight Ventures is a major investor in The Block. This article is for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.