Bitcoin flips Amazon’s $2.3T market cap to become 5th global asset

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Bitcoin became the world’s fifth-largest plus by marketplace capitalization connected Monday, driven by a seven-day buying streak from US spot Bitcoin ETFs.

Bitcoin flips Amazon’s $2.3T marketplace headdress to go 5th planetary asset

Bitcoin has go the world’s fifth-largest asset, overtaking Amazon by marketplace capitalization.

Bitcoin (BTC) terms roseate to a new all-time high of $122,600 connected Monday and has soared astir 13% implicit the past week, arsenic Cointelegraph reported.

These gains allowed Bitcoin to surpass a $2.4 trillion marketplace capitalization, overtaking Amazon’s $2.3 trillion, Silver’s $2.2 trillion and Alphabet’s (Google) $2.19 trillion, Companiesmarketcap information shows.

This means Bitcoin’s marketplace headdress was lone $730 cardinal shy of tech elephantine Apple, astatine the clip of writing.

Bitcoin’s caller grounds precocious comes amid a play of increasing organization adoption, which has seen firm Bitcoin holding companies treble since June 5. Over 265 companies are present holding Bitcoin connected their equilibrium sheets, up from 124 conscionable weeks ago.

A full of 3.5 cardinal Bitcoin is held successful institution treasuries, with 853,000 BTC, oregon 4% of the full supply, successful nationalist institution treasuries, and implicit 1.4 cardinal BTC, oregon 6.6% of the supply, done spot Bitcoin exchange-traded funds (ETFs).

Bitcoin ETF buying spree bolsters BTC momentum

US spot Bitcoin ETFs ended past week’s trading league with a seven-day buying streak, adding important liquidity for Bitcoin’s terms momentum.

Spot Bitcoin ETFs amassed implicit $1 cardinal worthy of nett affirmative inflows connected Friday, marking a seventh consecutive time of investments, Farside Investors data shows.

The inflows from the spot Bitcoin ETFs person been a important catalyst for Bitcoin’s emergence to caller highs.

In February 2024, the ETFs accounted for 75% of caller investments into Bitcoin implicit a two-week period. This enactment helped propel BTC terms supra $50,000.

Bitcoin’s terms whitethorn besides beryllium benefiting from heightened involvement owed to an lawsuit dubbed by the US authorities arsenic “Crypto Week.” Lawmakers are seeking to walk 3 cardinal cryptocurrency bills that are expected to bolster the nationalist crypto industry: the Guiding and Establishing National Innovation for US Stablecoins, oregon GENIUS Act, the Digital Asset Market Clarity Act (CLARITY Act) and the Anti-CBDC Surveillance State Act, which seeks to forestall the instauration of a central slope integer currency (CBDC).