Bitcoin (BTC) has officially overtaken Alphabet (Google) to become the world’s fifth most valuable asset by market capitalization.
As of April 23, Bitcoin’s market cap had surged to $1.87 trillion, edging past Alphabet’s $1.859 trillion valuation, according to asset ranking data. BTC has now surpassed gold, Apple’s, Microsoft’s, and Nvidia in terms of market cap.
Bitcoin beats Nasdaq 100 returns in April
Bitcoin’s edge over Alphabet coincides with an ongoing “decoupling” from its long-standing correlation with US tech stocks, especially in April, wherein BTC’s price has rallied 15% despite Nasdaq 100’s returns of 4.50% in the same period.
This decoupling follows months of disappointment for crypto bulls, who expected a stronger post-election rally.
BTC remains 16 percent below the $109,000 high it reached in January on the day Trump became the US president.
Trump’s recent criticism of Federal Reserve Chair Jerome Powell and his executive order to create a Strategic Bitcoin Reserve (SBR)—which is nearing its 60-day review window in less than two weeks—is helping reignite investor interest in crypto.
Related: Bitcoin could hit $1M if US buys 1M BTC — Bitcoin Policy Institute
“Chatter questioning Fed independence is having positive spillover effects on BTC,” said Vetle Lunde, head of research at K33.
Macro analyst Fejau stressed that capital outflows from US assets will likely benefit Bitcoin given countries can’t tariff it — and that it “provides high beta to a portfolio without the current tail risks associated with US tech.”
“This market regime is what Bitcoin was built for,” he wrote, adding:
“One the degrossing dust settles, it will be the fastest horse out of the gate.
Bitcoin market worth more than two Teslas
Alphabet is facing headwinds in the form of regulatory crackdowns, antitrust challenges, and a slowdown in digital ad revenue. The rise of AI-focused rivals and reduced growth projections have also dented confidence in Google’s long-term dominance.
To put Bitcoin’s $1.87 trillion valuation into perspective, it’s now worth more than two Teslas.
The EV giant famously added Bitcoin to its balance sheet in early 2021, when it was trading for around $33,500. It is now sitting on around 180% gains worth over $1 billion.
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Source: cointelegraph.com
