Bitcoin has become the fifth largest asset in the world, surpassing Amazon’s market capitalization.
Bitcoin (BTC) Prices rise New historical highs As Cointelegraph reported, $122,600 on Monday surged nearly 13% over the past week.
These gains have pushed Bitcoin to exceed $2.4 trillion in market capitalization, surpassing Amazon’s $2.3 trillion, Silver’s $2.2 trillion and Alphabet’s (Google)’s $2.19 trillion, CompanyMarketCap Data display.
This means that when writing, Bitcoin’s market value is only $730 million less than tech giant Tech Giant Apple.
Bitcoin’s new record is higher than a period of institutional adoption, with the company’s Bitcoin Holdings twice as many times since June 5. It has been from just 124 weeks forward.
There are 3.5 million bitcoins in the treasury of the company, of which 853,000 BTC, accounting for 4% of the total supply, and in the treasury of listed companies, more than 1.4 million BTC or 6.6% of the supply, through the Spot Bitcoin Exchange Fund (ETF).
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Bitcoin ETFs Buy Big Motorcycle BTC Momentum
The U.S. spot Bitcoin ETF ended last week’s trade fair and won a seven-day buying streak, adding a lot of liquidity to the price momentum of Bitcoin.
On-site Bitcoin ETF received more than $1 billion in net positive inflows on Friday, the seventh consecutive day of investment, Farside Investors data show.
The inflow of spot Bitcoin ETFs has been an important catalyst for Bitcoin to rise to new highs.
In February 2024, ETFs accounted for 75% of new investment Enter Bitcoin within a two-week period. The campaign helped drive BTC prices over $50,000.
Related: Billion dollar hodl: Bitcoin whale wakes up 14 years later
Bitcoin’s price may also benefit from increased interest due to an event called “crypto week” by the U.S. government. Members are seeking to pass three major cryptocurrency bills that promise to strengthen the national crypto industry: guidance and establishment for stablecoins or Genius LawThe Clarity Act and Anti-CBDC Surveillance State Act, aiming to prevent the creation of Central Bank Digital Currency (CBDC).
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