Bitcoin briefly flips Google market cap as investors eye rally above $124K
Bitcoin hit an all-time high of $124,457, leading the world's first cryptocurrency to briefly surpass Google's $2.45 trillion market capitalization, becoming the fifth-largest global asset.
'Bitcoin all-time high and it's only Wednesday,' said Gemini co-founder Tyler Winklevoss in an X post, triggering a wave of optimistic responses, including from popular investor Kyle Chassé, who predicted that this would be the 'best week for Bitcoin.'
Bitcoin's new milestone has inspired a new wave of optimism, as investors now eye the continuation of the price discovery phase, which may see Bitcoin surpass Apple's market capitalization next.
Bitcoin would need to rise above $175,000 to flip Apple's current $3.4 trillion market capitalization, which may occur before the end of August, said crypto analyst and Taproot developer Udi Wertheimer in a Thursday X post.
Still, the $175,000 price estimate remains modest compared to predictions by Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, who predicted Bitcoin could climb to $250,000 in 2025 if the US Federal Reserve pivots to quantitative easing, injecting more liquidity into the financial system amid growing inflationary pressures. Institutional capital is driving Bitcoin's price momentum
Bitcoin's new milestone bolstered the total crypto market capitalization above the $4.1 trillion for the first time in history.
The current momentum signals increased 'institutional capital' driven by favorable macro tailwinds and growing regulatory clarity, according to Vugar Usi Zade, chief operating officer at Bitget exchange.
US policy shifts, including the recently passed GENIUS Act, paired with 'structural shifts' such as 401(k) crypto allocations, are attracting more institutional capital that may sustain Bitcoin's upward momentum, Zade told Cointelegraph, adding:
'It is not just a wave of speculative enthusiasm; it is the groundwork for crypto's integration into mainstream portfolios.'
Whether this signals the beginning of a 'multi-quarter bull market expansion or the crest before a consolidation phase will depend on how well the market absorbs its own momentum,' he said.
Other industry watchers were also optimistic about Bitcoin's momentum. 'This is objectively the easiest BTC bull run set up ever,' wrote Jeff Park, the chief investment officer of ProCap BTC, in a Wednesday X post.
Meanwhile,$126,000 is emerging as the next 'pivotal' price level to confirm another breakout, after Bitcoin flipped the $120,000 psychological mark into a significant support, wrote analyst Rekt Capital, in a Wednesday X post.
Source: https://cointelegraph.com/news/bitcoin-flips-google-market-cap-rally-above-124k
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