Bitcoin (BTC) continues its historic price rally, soaring past $120,000 earlier today and surpassing e-commerce giant Amazon’s $2.38 trillion market capitalization. The flagship cryptocurrency now ranks just behind gold, Nvidia, Microsoft, and Apple in terms of market cap.
According to a recent X post by crypto analyst Crypto Rover, Bitcoin has officially overtaken Amazon in total market capitalization. The analyst shared the following chart, showing BTC with a $2.43 trillion market cap at a price of $122,304, compared to Amazon’s $2.38 trillion.
The chart also indicates that BTC is inching closer to Apple, which currently holds a market cap of $3.15 trillion. Gold remains the top global asset, commanding a massive $22.64 trillion valuation.
Several factors appear to be driving Bitcoin’s explosive rally. Chief among them is the surge in institutional interest, which is nearing all-time high (ATH) levels.
In a separate post, crypto analyst Mister Crypto noted that crypto investment products saw inflows of $3.7 billion last week – marking the second-largest weekly inflow ever. The analyst described this as an “extremely bullish signal.”
Meanwhile, data from SoSoValue reveals that total net assets held in spot Bitcoin exchange-traded funds (ETFs) have reached $150 billion – representing over 6.4% of BTC’s total market capitalization.
As Bitcoin gains traction as a reliable store of value, more corporations are adding BTC to their treasuries. For instance, Michael Saylor’s Strategy remains the largest corporate holder of Bitcoin and continues to expand its position.
