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Bitcoin has achieved a significant milestone by overtaking Amazon to become the sixth-largest asset globally by market capitalisation. Data from CompaniesMarketCap.com reveals Bitcoin’s market value has reached $1.857 trillion, exceeding Amazon’s $1.837 trillion.
The cryptocurrency has seen a remarkable rally in the past few days. Bitcoin experienced a 6.24% increase within 24 hours, reaching $93,546 – levels seen during previous bull market peaks. This upward movement reflects increased institutional participation, continued spot ETF inflows, and positive global economic indicators, according to an ET report.
Amazon’s shares recorded a 3.5% increase on Wednesday, closing at $173.18. Despite this gain, the company’s stock has experienced a decline exceeding 21% since the year began and showed negative returns of 3.5% over the previous 12 months. In comparison, Bitcoin demonstrated superior performance with gains surpassing 40% during the same timeframe.
Also Read | Gold prices at record high! Sovereign gold bond investors weigh profit booking with 221% returns
Bitcoin now trails closely behind Alphabet (Google), which maintains the fifth position with a market capitalisation of $1.859 trillion. Gold continues to dominate as the highest-valued asset worldwide, maintaining a substantial market capitalisation of $22.5 trillion.
Institutional investors are significantly contributing to Bitcoin’s upward momentum, according to market analysts. “This rally is largely driven by increased institutional buying, with Bitcoin spot ETFs seeing net inflows reach a multi-month high of over $700 million—totalling more than $1 billion this week alone,” said Edul Patel, Co-founder and CEO of Mudrex.
The retail investor outlook is showing positive changes, as noted by Patel. “The Fear and Greed Index has now moved to ‘Neutral’, indicating that retail investors are re-entering the market. We’re also seeing a decline in exchange inflows, suggesting lower selling pressure. If this trend holds, Bitcoin could potentially test the $100,000 level, with current support at $88,000.”
According to Riya Sehgal, Research Analyst at Delta Exchange, current diplomatic developments are enhancing market confidence. “Remarks from Treasury Secretary Scott Bessent and President Trump pointing to a possible de-escalation in US-China trade tensions have improved the overall risk appetite. This is lifting both traditional equities and digital assets.”
(Disclaimer: Recommendations and views on the stock market and other asset classes given by experts are their own. These opinions do not represent the views of The Times of India)
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