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Bitcoin (BTC) briefly surpasses Google's market value and becomes the fifth largest asset in the world
Bitcoin (BTC) briefly surpasses Google's market value and becomes the fifth largest asset in the world
Bitcoin once surpassed Google's parent company Alphabet's market value of up to US$2.4 trillion, becoming the fifth largest asset in the world, arousing widespread heated discussion and optimistic expectations from investors.
On Thursday, the price of Bitcoin broke through the $124,000 mark, setting a record high of $124,457, igniting market enthusiasm. Many investors are beginning to look forward to their market value being expected to get closer to Apple's current $3.4 trillion scale.
This breakthrough allowed Bitcoin to briefly surpass Alphabet to become the fifth highest-cap asset in the world, marking a significant improvement in the position of crypto assets in the global financial market.
"Bitcoin hit an all-time high - and that's just Wednesday," Gemini co-founder Tyler Winklevoss sighed on the X platform, which quickly sparked heated discussion. Well-known investor Kyle Chassé also responded that this may be the "best-performing week for Bitcoin."
With this milestone approaching, the market focus has shifted to the next stage of price discovery process, and investors are paying close attention to whether it can continue to strengthen and further narrow the market value gap with technology giants.
Source: CoinGecko
Taproot developer and crypto analyst Udi Wertheimer pointed out in a X post on Thursday that Bitcoin needs to rise to more than $175,000 to surpass Apple's current market value of $3.4 trillion - a goal that may be achieved by the end of August.
Source: Udi Wertheimer
However, this forecast is still conservative compared to the views of BitMEX co-founder and Maelstrom chief investment officer Arthur Hayes. Hayes believes that if the Fed restarts quantitative easing against the backdrop of intensified inflationary pressure and injects more liquidity into the market, Bitcoin is expected to soar to $250,000 in 2025.
Influx of institutional funds boosts Bitcoin's rise
Bitcoin's breakthrough pushed the total market value of the entire crypto market to exceed US$4.1 trillion for the first time, setting a record high.
Vugar Usi Zade, chief operating officer of Bitget Exchange, said the current rise is the continuous inflow of "institutional capital", thanks to a more friendly macro environment and a gradually clear regulatory framework.
In an interview with Cointelegraph, he said that "structural changes" such as the advancement of the GENIUS bill and the gradual inclusion of 401(k) pension plans into crypto assets are attracting more and more institutional investors to enter the market, thereby supporting the long-term upward trend of Bitcoin. He stressed:
This is not only a wave of speculation, but also a reflection of the gradual integration of crypto assets into mainstream investment portfolios.
He also pointed out that whether the future trend will start "multi-quarter bull market expansion" or enter a phased consolidation will depend on how the market digests the current rapid price momentum.
Other observers in the industry are also positive. "This is undoubtedly the easiest Bitcoin bull market environment ever to grasp," Jeff Park, chief investment officer of ProCap BTC, said in an X post on Wednesday.
Source: Rekt Capital
Meanwhile, well-known analyst Rekt Capital mentioned in Wednesday's analysis that as Bitcoin successfully transforms the $120,000 psychological mark into solid support, the next key resistance level has moved to $126,000, which will become an important signal to confirm whether the next upward breakthrough is true.
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