Bitcoin, the leading cryptocurrency, reaches a record high of $97,000, pushing its market capitalization to $1.9 trillion and approaching the $2 trillion milestone. This surge places Bitcoin ahead of Saudi Aramco in valuation, with the cryptocurrency now $230 billion behind global e-commerce giant Amazon.
If viewed as a company, Bitcoin ranks as the sixth most valuable globally, following Amazon and surpassing Saudi Aramco, the state-owned oil giant of Saudi Arabia.
Market Trends and Expert Reactions
The global cryptocurrency market cap rises to $3.3 trillion, fueled by Bitcoin’s extraordinary performance. Comparing Bitcoin’s market cap to other key assets:
- Bitcoin holds approximately 11% of gold’s $17.68 trillion valuation.
- It surpasses silver’s total market value and represents more than half of Nvidia’s $3.6 trillion valuation, the largest company by market cap.
Crypto analyst Tony Sycamore highlights strong buying activity, stating, “Buyers significantly outweigh sellers. While the journey to $100,000 may face challenges, Bitcoin’s demand shows no signs of slowing.”
Hunter Horsley, CEO of Bitwise, describes Bitcoin as a transformative force, saying, “Bitcoin is the greatest wealth transfer program of our time, enabling diverse individuals to use new resources to express their values and reshape the world.”
Drivers of Bitcoin’s Growth
- MicroStrategy, the largest corporate Bitcoin holder, announces plans to expand its asset purchases.
- The introduction of options on U.S. spot Bitcoin ETFs boosts this week’s momentum.
- Bitcoin surpasses companies like Meta and commodities such as silver in market capitalization, as it sets its sights on Amazon and Alphabet.
Bitcoin’s remarkable rise solidifies its position as a key player in global financial markets, with the $2 trillion market cap milestone within reach.
