Bitcoin powers past $124,000, overtakes Google market cap
The world's largest cryptocurrency briefly touched $124,450 late on Wednesday before easing slightly, propelling its market capitalisation to $2.456 trillion — enough to rank as the fifth-largest asset globally. The move cemented Bitcoin's position above the $120,000 support level and underscored the momentum that has been building in recent weeks. Ethereum followed the upward trend, holding above $4,750, while Solana, Cardano, and Dogecoin all recorded double-digit percentage gains over the week. Only XRP lagged, staying near $3.24 and missing out on the rally.
The price surge came on the back of record inflows into US spot Bitcoin exchange-traded funds, expanding balance-sheet allocations from major corporations, and a series of supportive policy moves from President Donald Trump's administration. For the year to date, Bitcoin has climbed more than 31 per cent and is up around 60 per cent from April's lows.
Nigel Green, chief executive and founder of global financial advisory firm deVere Group, told Khaleej Times that the price action reflected 'multiple, powerful forces converging to push Bitcoin to new highs'. These include institutional capital pouring in through spot ETFs at record volumes, public companies treating Bitcoin as a strategic reserve asset, the White House actively supporting the sector, and nation states now showing strong profits from their Bitcoin positions. 'These aren't isolated developments; they're part of a deep, systemic shift in the global financial system,' Green said.
Data from the ETF market underscored the institutional interest. BlackRock's iShares Bitcoin Trust (IBIT) led daily trading volumes with $3.7 billion in turnover, followed by Fidelity's FBTC with more than $500 million. Analysts say such volumes are an unmistakable sign that large-cap and pension-fund investors are taking long-term positions.
Corporate Bitcoin holdings have also swelled to record valuations. Michael Saylor's Strategy, the Bitcoin-focused firm formerly known as MicroStrategy, said its reserves are now worth $77.2 billion — more than $35 billion above its previous peak last year. Sovereign adoption is delivering gains as well. El Salvador's government disclosed that its Bitcoin reserves, purchased at an average cost of $300.5 million, are now valued at $768 million, translating into unrealised profits of about $468 million.
In Washington, momentum is shifting further towards integration of digital assets into mainstream financial products.
Last week, President Trump signed an executive order directing the US Labour Department to explore allowing 401(k) retirement plans to hold cryptocurrencies and other alternative assets, potentially opening the door for millions of Americans to gain exposure to Bitcoin through employer-sponsored savings schemes.
For Green and other market watchers, the combination of limited supply and expanding sources of demand points to further gains ahead. Bitcoin's fixed issuance rate means that as more institutions, corporations, and sovereigns acquire and hold the asset, the amount available to trade shrinks. 'The scarcity factor is now being amplified by unprecedented demand from entities that buy in size and hold for the long term,' Green said. 'This is strategic positioning in an asset that is becoming embedded in both private and public sector portfolios.'
The deVere chief has reaffirmed his year-end price target of $150,000, noting that while short- term volatility is inevitable, the structural drivers are 'overwhelmingly positive'. Pullbacks, he argued, are being met with heavy buying from investors with deep pockets and strong conviction. 'Even if we see profit-taking, every dip is attracting substantial inflows,' Green said. 'Institutions are committing long-term capital, corporate treasuries are diversifying into Bitcoin, and national adoption is delivering measurable returns. Washington is shifting from resistance to integration. This is why we are maintaining our $150,000 target.'
Analysts say the macroeconomic backdrop is also working in Bitcoin's favour. With expectations rising that the US Federal Reserve will ease monetary policy in the coming quarters, assets perceived as stores of value stand to benefit from an environment of lower interest rates and increased liquidity. This combination of policy, adoption, and capital flows is reinforcing bullish sentiment across the crypto ecosystem.
Market strategists caution that Bitcoin's rapid ascent makes it vulnerable to sharp corrections, particularly if risk appetite falters in global markets. However, they also note that the scale and nature of current buying — led by institutions, not retail speculation — suggest that any downturns could be shorter and less severe than in past cycles.
With the $125,000 mark now in sight, traders are debating whether the next leg higher will come in a matter of days or stretch into the weeks ahead. For now, the momentum appears firmly on the side of the bulls. 'The trajectory remains higher,' Green said. 'The fundamentals are strong, the policy environment is supportive, and the buyers are there. For the time being, Bitcoin looks set to continue climbing.'
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