Bitcoin (BTC) became the world’s fifth most valuable asset after hitting a new all-time high on Monday, which pushed its market cap to $2.422 trillion.
Though the top crypto’s price consolidated slightly lower after hitting a high of $122,838, its market cap passed retail giant Amazon, which stands at $2.395 trillion.
Most notably, Apple — hovering around $3.114 trillion — is now directly in Bitcoin’s sights.
Bitcoin’s Growing Institutional Adoption Has Contributed To Its Rise To Top 5
Bitcoin (BTC) has expanded beyond its sector and has maintained a place among the largest assets by market cap globally for a while. Besides Amazon, the apex cryptocurrency has now eclipsed silver, valued at around $2.187 trillion, and Alphabet (Google) at $2.186 trillion, according to ZyCrypto data.
ZyCrypto Data indicates that iPhone maker Apple stands next in line if Bitcoin’s parabolic price ascent continues. Specifically, Bitcoin’s market cap is now only $750 million shy of Apple’s valuation. For BTC to overtake the Tim Cook-helmed tech giant by market cap in the near future, it would need to rocket to a staggering $159,000 (of course, assuming that Apple’s market cap remains unchanged).
Bitcoin has spiked 11.4% this week as more companies added Bitcoin to their balance sheets, signaling growing corporate confidence in the maiden cryptocurrency. Roughly a total of 3.5 million Bitcoins is currently held in company treasuries, with 853,000 BTC, or 4% of the total supply, in public company treasuries.
Could Bitcoin also surpass Microsoft’s market cap? This would mean a $167,000 BTC price, which is not outside the realm of possibility for the digital asset, considering the massive demand coming from spot BTC exchange-traded funds (ETFs).
Spot BTC ETFs accumulated over $1 billion worth of net positive inflows on Friday, marking a seventh straight day of investments, Farside Investors data shows. The gargantuan inflows from the spot Bitcoin ETFs have been a key catalyst for Bitcoin’s upward momentum.
Meanwhile, Gold remains the indisputed leader, with a market cap of well over $22.49 trillion.
