Bitcoin’s market cap, which is the oldest cryptocurrency in existence, has surpassed Amazon as a retail and technology behemoth on “Bitcoin Pizza Day.”
Bitcoin is a very popular cryptocurrency.BTCAt the time this article was written, ) valued the company at $2.135 billion. This is $700 million more than Amazon.
“By surpassing Amazon in terms of capitalization, Bitcoin has attracted even more attention from the non-crypto audience,” Alex Obchakevich founded Obchakevich Research.
Obchakevich has said that the most recent rally “will strengthen confidence in Bitcoin and lead to new injections into the crypto market.” As the surge began, Bitcoin set a new all-time high Obchavich stated that if the price of the stock rises above $110,000 it will be a good time to buy. “attract new investors to large funds.”
Obchakevich said that players from the institutional sector continue to increase their presence in the digital asset market.
“In May, BlackRock became the second largest bitcoin holder after Satoshi Nakamoto, surpassing Binance in this indicator.”
Hassan Khan is the CEO of Bitcoin liquidation platform Ordeez. He told Cointelegraph: “this is a structural change.” He explained to me that “Bitcoin is no longer simply a hedge, it’s in the process of becoming a benchmark currency.”
Related: Bitcoin ‘looks exhausted’ as next bear market yields $69K target
Markets reach new heights
CoinMarketCap dataThe total market capitalization of cryptocurrencies was $3.49 trillion as at the date this article was written. This is a high number, but it’s still 6% below the record-breaking $3.71 billion reported by the end of the year 2024.
CoinMarketCap’s data also shows that Bitcoin ETFs saw net inflows of nearly 604 million dollars on May 21, according to the company. Open interest in crypto derivatives currently stands at $756.16 for perpetual swaps, and $3.24 for futures. Obchakevich’s view of Bitcoin in the future:
“We are moving gradually towards $200,000, with gradual adjustments. I am sure that this year we will see Bitcoin at $150,000 and $90,000.”
Khan said: “large net inflows to ETFs and increasing open interest demonstrate that institutional confidence is growing.” The future is bright, he told us.
“Short term profit taking and macro rate uncertainty are tempering momentum. But below-the-surface metrics […] point to continued high conviction. The foundation is more solid than in any other cycle before it.”
Related: BlackRock’s Bitcoin ETF notches 2-week high inflow as BTC nears $112K
Bitcoin has a very special day today
Today, Tuesday May 22, is “Bitcoin Pizza Day,” Recurring event commemorating the May 22nd, 2010, date when Laszlo Hányecz became the first programmer to make the first documented purchase of goods using BitcoinPaying 10,000 BTC to get two Papa John’s Pizzas
“What was once considered a highly speculative risk has evolved into a serious asset class,” Ulli Spankowski is the chief digital officer of Boerse Stuttgart Group.
Bitcoin, said Spankowski, is now a reality. “boasts a market capitalization of over 2 trillion US dollars, ranking it as the fifth-largest asset globally, behind gold and the three largest publicly traded companies.”
Magazine: NBA star Tristan Thompson misses $32B in Bitcoin by taking $82M contract in cash
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Source: cointelegraph.com
