Bitcoin has demonstrated significant growth over the past 24 hours, reaching a value of $94,311 and increasing its market capitalization to $1.846 trillion. This event has made Bitcoin the sixth most valuable asset in the world, surpassing silver and Amazon.
Outpacing Silver and Amazon
According to data, Bitcoin's market capitalization has surpassed Amazon's, which stands at $1.837 trillion. Currently, Alphabet sits above Amazon with a market capitalization of $1.859 trillion. With the narrowing gap between Bitcoin and these tech giants, expectations among enthusiasts have risen that Bitcoin may soon join the top five assets.
Rise in Institutional Purchases
Interest in Bitcoin is also being observed from institutional investors. The Bitcoin Treasury Company Strategy purchased 6,556 BTC worth $555.8 million. Such large transactions indicate that digital assets are increasingly being recognized as serious investment instruments. Former BitMEX CEO Arthur Hayes predicts that Bitcoin could reach $110,000 in the short term, given the current market conditions.
Bitcoin as Digital Gold
Gold remains at the top with a market value of $22.416 trillion, while tech giants like Apple, Microsoft, and NVIDIA are positioned just above Bitcoin. This ranking signals a new era where different asset types are directly compared. The rise in institutional purchases is helping to stabilize Bitcoin's price trajectory, as investors are now viewing it not just as a cryptocurrency, but as an alternative store of value.
Bitcoin's rise to $94,311 and its success in surpassing silver and Amazon highlight the significance of this asset in the financial market. The increase in institutional purchases indicates a growing recognition of Bitcoin as a serious investment tool.
