Bitcoin Surges 2% to $122,295, Exceeds Amazon's Market Cap

Bitcoin's price has reached an unprecedented milestone, surpassing the $122,000 mark for the first time in its history. This significant achievement has garnered global attention and sparked discussions about the future trajectory of the world's leading cryptocurrency. Changpeng Zhao, the former CEO of Binance, shared his insights on the matter, suggesting that the current milestone is merely the beginning of even greater gains.

Zhao compared the current excitement surrounding Bitcoin's price surge to the earlier peak of $1,000 in 2017. He emphasized that, in retrospect, the $1,000 mark now seems insignificant, and he predicts that future gains could make the current $122,000 price point appear similarly modest. Zhao also advised investors to maintain a long-term perspective and not get carried away by the short-term momentum. He noted that historical data indicates these price changes are part of a broader upward trend, and his comments came shortly after Bitcoin's price soared beyond $120,000.

Zhao, who purchased Bitcoin in 2014, has witnessed the cryptocurrency navigate through several market cycles. He observed that after experiencing crashes, Bitcoin managed to regain its $1,000 high after three years. This pattern, he noted, aligns with the current movements as Bitcoin's price gains fresh traction. Bitcoin has now become the fifth-largest asset globally by market capitalization, surpassing the total value of Amazon. It is currently ranked behind tech leaders such as Apple, Microsoft, NVIDIA, and the world's gold reserves, with a market cap of $2.43 trillion.

The recent Bitcoin price rally gained speed after it crossed $120,000, adding another $2,000 within hours. It is currently priced at about $122,295, indicating robust bullish tensions in centralized exchanges. In this upsurge, KCEX, Binance, and CoinW recorded a rise in transaction activity. The volume of trading has also soared, showing a high level of market liquidity and investor interest in this price run. Over the past 24 hours, Bitcoin’s trading volume increased by 94.2%, reaching more than $44 billion. Its growth was driven by most of the trading that occurred in centralized platforms.

The rise in Bitcoin’s price has triggered increased market activity among retail and institutional investors worldwide. Since breaking above the $120,000 threshold, Bitcoin has maintained stable trading behavior around $122,200. With this performance and the possible setup of higher gains, the levels of support are high. Analysts believe Bitcoin’s recent growth could lead to further bullish moves if current momentum continues. Although there are some short-run corrections, long-term charts exhibit the ongoing power in the bullish run. Bitcoin price trends suggest ongoing confidence from global investors.

There has been a rise in activity in the crypto market, and BTC traded well above the other altcoins in volume and market share. The recent surge reaffirms Bitcoin’s position as the leading cryptocurrency. Bitcoin’s price has demonstrated resilience and continues to attract mainstream attention. Bitcoin’s price has hit a historic all-time high, crossing $122,000 and gaining attention worldwide. Changpeng Zhao, former CEO of Binance, does not believe that this is the peak and reckons that further gains are on the way. As its market cap exceeds that of Amazon and the amount of its trading rises, Bitcoin has rightfully taken its position as one of the most valued global assets.