Bitcoin News Today: Bitcoin Surges Past $124K, Overtakes Google in Market Value

Bitcoin surged past $124,457.12, setting a new all-time high (ATH) and briefly overtaking Google’s $2.488 trillion market capitalization, making BTC the world’s fifth-most valuable asset [1]. The price climbed to a peak of $124,457.12 within the last 24 hours before retreating to $121,692 as of 12:28 a.m. EST. Over the past 24 hours, Bitcoin rose more than 1.3%, and by over 5.8% in the past week, reflecting strong market optimism [1].

Investors are increasingly confident in the possibility of interest rate cuts by the Federal Reserve. The latest US CPI data showed inflation below expectations, and pressure from President Donald Trump—calling for a one basis point cut—and Treasury Secretary Scott Bessent, who advocated for a 50 basis point cut, have further fueled bullish sentiment [1].

The price surge was also reflected in institutional holdings. Michael Saylor, executive chairman of MicroStrategy, noted that the company’s Bitcoin holdings closed at a record $77.2 billion [1]. According to blockchain analytics from Arkham Intelligence, SpaceX, led by Elon Musk, now holds more than $1 billion in Bitcoin, with 8,285 BTC in its portfolio [1].

Decentralized prediction market platform Polymarket shows growing confidence in Bitcoin’s future price trajectory. Over the past 24 hours, betting odds increased for BTC reaching between $130K and $200K before the end of the year. The $130K target now carries an 84% probability, up 8% from earlier. The $140K target has also gained traction, with odds rising 6% to 63%. The $150K, $170K, and $200K targets each saw increases of 4%, 5%, and 1%, respectively [1].

Pseudonymous crypto analyst Rekt Capital, with over 556K followers on X, noted that a convincing break above $126K could trigger a parabolic rally. He suggested this could lead to a rapid and significant price increase [1].

Bitcoin pioneer Samson Mow, CEO of JAN3, outlined two possible paths following BTC’s ATH. The first scenario envisions Bitcoin outperforming and drawing all market attention, causing altcoins to drop by 30-40%. The second possibility involves altcoin mania peaking, triggering a selloff, and a temporary BTC dip before a subsequent rebound [1]. Mow warned that altcoins are currently "running too hot" and that a pullback is likely as the market reallocates capital back to Bitcoin.

Over the last month, altcoin total capitalization has risen more than 16%, and the ETH/BTC ratio increased over 20%, indicating growing Ethereum strength relative to Bitcoin [1]. Mow explained that this trend could be attributed to early BTC investors using ETH’s treasury narrative to inflate its price. Once the price reaches a certain level, he predicts they may sell ETH and reinvest in BTC.

Despite Mow’s predictions of a potential rotation from Ethereum to Bitcoin, US spot Ethereum ETFs continue to attract more inflows than Bitcoin funds. In the last 3 days alone, ETH ETFs have drawn over $2.2 billion in new capital, with BlackRock’s fund alone pulling in more than $500 million yesterday. BTC ETFs have also seen inflows, with over $1.103 billion entering the funds in the past week [1].

Source: [1] Bitcoin Hits New ATH Above $124K, Briefly Overtakes Google As World’s Fifth-Most Valuable Asset (https://insidebitcoins.com/news/bitcoin-hits-new-ath-above-124k-briefly-overtakes-google-as-worlds-fifth-most-valuable-asset)