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Bitcoin Overtakes Amazon as the Fifth Largest Asset, Hitting $2.16T Market Cap
Bitcoin rose to a new high of $109,400 on Wednesday before consolidating marginally lower.
What to know:
- Bitcoin (BTC) surged to a new record high of $109,400 on Wednesday.
- It becomes the fifth largest asset in the world with a $2.16 trillion market cap, overtaking Amazon (AMZN) which is at $2.15 trillion.
- Bitcoin consolidated after hitting a new record high and currently trades at $108,954.
Bitcoin
became the world’s fifth-largest asset after hitting a new all-time high on Wednesday, which pushed its market cap to $2.16 trillion.Though the crypto’s price consolidated lower after hitting a high of $109,400, its market cap passed Amazon (AMZN), which stands at $2.15 trillion.
STORY CONTINUES BELOW
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Bitcoin is up 16.44% year-to-date while shares of the online retailer are down about 8% over the same period. It is currently trading at $108,954.
Gold is the largest asset, by far, standing at a $22 trillion market cap, followed by Microsoft (MSFT), NVIDIA (NVDA) and Apple (AAPL) which stand at $3.1 trillion to $3.4 trillion respectively.
As a result of the surge in bitcoin’s price since the win of U.S. President Donald Trump, BlackRock’s iShares Bitcoin Trust (IBIT) recently became the fifth-largest exchange-traded fund (ETF) by inflows this year as it took in roughly $9 billion from investors, according to data from Bloomberg senior ETF analyst Eric Balchunas.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
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