Bitcoin Market Cap Surpasses Amazon, Hits $2.36 Trillion

Bitcoin, the leading cryptocurrency by market capitalization, has achieved a significant milestone by briefly surpassing tech giant Amazon in market capitalization. The market cap of the top coin peaked at $2.36 trillion earlier this Friday, marking a new high for the cryptocurrency.

Bitcoin reached its current all-time high of $118,667, according to CoinGecko data. This surge has positioned Bitcoin as the fifth-biggest asset by market capitalization, with Apple now emerging as its next target. Apple, led by Tim Cook, has a market capitalization of $3.16 trillion, making it the third most valuable company in the world.

To surpass Apple by market capitalization in the near future, Bitcoin would need to surge to approximately $159,000 per coin, assuming that Apple's valuation remains relatively stable. Microsoft, which previously swapped places with Apple at the top, is currently the second most valuable company and the third most valuable asset with a market capitalization of $3.7 trillion.

Nvidia, currently the most valuable company due to its dominance in the realm of artificial intelligence (AI) chips, recently became the third company ever to reach a market capitalization of $4 trillion. Some analysts have raised their price targets for Nvidia, eyeing a potential market capitalization of roughly $4-$5 trillion.

Gold, the leading precious metal by market capitalization, is the most valuable asset by market capitalization, currently valued at $22.6 trillion. Bitcoin's surge in market capitalization has been driven by sustained institutional demand and a growing recognition of its status as a store of value. Analysts have noted that Bitcoin's maturation and stability, especially during turbulent economic periods, have contributed to its rising market capitalization.

Bitcoin's latest all-time high of $118,900 was achieved on Friday, surpassing its previous record of $113,822 set on Thursday. This new high has solidified Bitcoin's position among the world's most valuable assets. The surge in Bitcoin's price has been attributed to various factors, including record-high ETF inflows, renewed confidence in digital assets, and favorable macroeconomic conditions.

The growing demand for Bitcoin is also driven by clearer and more favorable regulations, increased utility in payments, and changing economic conditions. Regulations such as the EU’s MiCA have contributed significantly to the growing acceptance of Bitcoin. However, analysts caution that the high level of hype surrounding Bitcoin's recent surge may also bring about the need for caution, as the price could be volatile.

Bitcoin's market capitalization has also overtaken that of silver, now sitting in the sixth place among the world’s largest companies, metals, and digital assets. This shift highlights the increasing institutional interest in Bitcoin as a balance sheet asset. The ongoing surge in Bitcoin's price and market capitalization has led to speculation that it could soon overtake other major assets, potentially even Apple, which currently has a market capitalization of approximately $3 trillion.