Bitcoin Surges 40% Year-to-Date, Becomes World’s Sixth Most Valuable Asset

Bitcoin has surpassed Google’s parent company, Alphabet, to become the world’s sixth most valuable asset, with a market capitalization of $2.13 trillion. This surge in value has positioned Bitcoin just a few percentage points behind Amazon in the global asset rankings. The cryptocurrency's market capitalization has climbed over 40% year-to-date, driven by sustained institutional inflows and narratives of digital gold amidst lingering U.S. fiscal concerns.

This milestone comes amidst a renewed wave of optimism in the crypto market, fueled by the surge in Coinbase stock. The anticipation of imminent U.S. stablecoin regulation has contributed to this bullish sentiment. The GENIUS Act, which mandates full reserve backing and monthly audits for stablecoin issuers, has passed the Senate with a 68-30 vote. This legislation is seen as a significant step towards regulated banks entering the dollar-backed crypto space, potentially boosting Coinbase’s revenue share tied to USDC and broader stablecoin activity.

The stablecoin sector has grown to a record $257 billion market cap, up more than 20% so far this year. Analysts view regulatory clarity as a critical catalyst for further growth and mainstream adoption, helping to reduce lingering fears of opaque reserves and systemic risks. Other crypto-related stocks have also seen gains, with Strategy, MARA, Riot Platforms, and CleanSpark all experiencing increases in their stock prices.

Despite the bullish tone, there remains skepticism in the market. Former BitMEX CEO Arthur Hayes has argued that Circle’s valuation is “insanely overvalued,” indicating that even amidst the rally, questions persist about froth and sustainability in certain corners of the crypto market. Looking ahead, crypto watchers will be closely tracking the House vote on the GENIUS Act, expected in mid-July. A successful passage would send the bill to the President, who has publicly urged lawmakers to “take the win” as soon as possible.

Bitcoin is now less than $175 billion away from overtaking Amazon to become the world’s fifth-largest asset. Coinbase’s next earnings report on August 7 will provide a key update on how regulatory clarity and new products, like Coinbase Payments on Shopify, are impacting its top line. The overall sentiment suggests that the crypto sector is cementing its status as a mainstream macro asset class, with regulatory developments and institutional inflows driving significant growth.