- Bitcoin’s market worth surpasses $2.4 trillion, putting it ahead of Amazon.
- Institutional ETFs drive a seven-day buying streak, adding $1B+ inflows.
- Over 265 companies now hold Bitcoin, doubling corporate adoption since June.
Bitcoin has soared to a new high of 123.05k and even surpassed its market cap to over 2.4 trillion dollars, ahead of Amazon with its 2.3 trillion dollar market cap, and is considered it to be the fifth most valuable asset in the whole planet. The milestone makes the cryptocurrency a history-maker since it has not only overtaken Amazon but also silver and Alphabet (Google) and beaten them to be placed second last after the likes of Apple, Microsoft, Saudi Aramco, and gold in the world asset ranking.
Source – Farside Investors
The rally has been prompted by a seven-day buying frenzy that has been sponsored by the US spot Bitcoin exchange-traded funds (ETFs) that have increased over $1 billion in net inflows in a day. These institutional investments have resulted in a significant rise in the liquidity and price impetus of Bitcoin, as it is emerging that the big financial players are getting more and more confident.
Institutional Demand and Corporate Adoption Drive Bitcoin’s Rise
The question of whether or not Bitcoin is an investment-grade and viable asset class is no longer in the air. Over 265 companies currently hold Bitcoin in their balance sheets, nearly double the earlier figure of 124 companies at the start of June. Treasuries held by corporations have a total of nearly four million Bitcoins, while treasuries held by listed companies have 853,000 Bitcoins, and spot exchange-traded funds have 1,400,000 Bitcoins. This flow of institutions and companies explains the transition of Bitcoin to a mainstream financial asset, rather than a speculative one.
The regulatory wave in the United States has been of utmost significance. Major cryptocurrency bills are being advanced by legislators in order to enhance innovation and transparency in the digital assets industry, and this also encourages institutional participation. The macro environment has been accommodating to the further rise of Bitcoin, and this has been through regulatory support and robust inflows into ETFs.
What’s Next for Bitcoin?
Source – companiesmarketcap
With only a 730 million dollar difference between the market cap of Bitcoin and the market cap of Apple of 3.113 trillion dollars, the next objective of the cryptocurrency is to take on the technology giant. The analysts believe that Bitcoin can reach the value of over 142,000 to 167,000 dollars per coin in case the current trends are maintained and the retail interest returns.
The arrival of Bitcoin breaks the logic of the contemporary financial industry and shows that even an asset, which is decentralized, does not have CEOs or headquarters, can compete with the biggest companies in the world. The milestone is a pointer to the change in the world of finances, whereby investment in digital assets is becoming a significant component of diversified investing.
