The market cap of the world’s first cryptocurrency, Bitcoin, was exceeded by retail and tech Behemoth Amazon on “Bitcoin Pizza Day.”
Data in the market shows bitcoin (Btc) had a market cap of $ 2.205 trillion at the time of writing, $ 70 billion more than the $ 2.135 trillion of Amazon’s appreciation.
“By exceeding Amazon in terms of capitalization, Bitcoin attracts more attention from the non-crypto audience,” said Alex Obchakevich, founder of Obchakevich Research.
Obchakevich said the latest rally “will boost Bitcoin confidence and will lead to new injections in the crypto market.” Advanced has come as Bitcoin sets a new all-time high And exchanged above $ 110,000, which Obchavich said “to attract new investors to large funds.”
Obchakevich noted that institutional players continue to expand their role in the digital asset space:
“In May, Blackrock became the second largest Bitcoin holder after Satoshi Nakamoto, which exceeded Binance with this indicator.”
Hassan Khan, the CEO of the Bitcoin Liquidity Platform Ordeez, told Cointelegraph that “this is a structural change.” He explained that “Bitcoin is no longer a simple fence, it is in the process of becoming a benchmark currency.”
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Crypto market approaches new highs
According to CoinMarketCap DataThe total cryptocurrency market cap stands at $ 3.49 trillion at the time of writing. While high, it is about 6% less than all times high $ 3.71 trillion reported by the end of 2024.
More CoinMarketCap data shows that funds exchanged by Bitcoin (ETF) exchanges have seen nearly $ 604 million of net inflows on May 21. The current open interest in Crypto derivatives is $ 756.16 billion for eternal swaps and $ 3.24 billion for futures. Looking at the future, Obchakevich shared his outlook on Bitcoin’s direction:
“We are slowly moving to $ 200,000, with a gradual adjustment. I’m sure that this year we will see Bitcoin for $ 150,000 and $ 90,000.”
Khan said “big net inflows in ETFs and increasing open interests show that confidence in the institution is growing.” Looking forward, he said:
“The short term of acquisition and uncertainty of the Macro rate is annoying momentum. But below the surface metrics (…) points to the ongoing high confidence. The foundation is more stable than any other rotation before it.”
Related: Blackrock’s Bitcoin ETF noticed 2-week high flow while BTC was close to $ 112k
Today is a special day for bitcoin
Today, May 22, is “Bitcoin Pizza Day,” a repeated commemoration on May 22, 2010, when the Laszlo Hanyecz programmer programmed first documented purchase of goods using bitcoinPaying 10,000 BTC for two Pope John pizza.
“Formerly considered a high speculation -haka risk has emerged in a serious class of possession,” said Ulli Spankowski, chief digital official at the Boerse Stuttgart Group.
Spankowski added that, today, Bitcoin is “proud of a market capitalization of more than 2 trillion US dollars, ranking as the fifth largest property in the world, behind gold and the three largest companies that have been publicly exchanged.”
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