Key Points
- Bitcoin hits a new all-time high (ATH) of $111K, surpassing Google in market value.
- External factors such as macroeconomic instability and rising inflation contribute to Bitcoin’s surge.
Bitcoin [BTC] has reached a new milestone in the financial world. The cryptocurrency has broken its previous record, hitting a new ATH of $111K, and has surpassed Google in terms of market value.
As the world’s sixth-largest asset, Bitcoin now ranks just behind gold, Microsoft, NVIDIA, Apple, and Amazon, demonstrating its increasing significance in the global financial landscape.
Bitcoin’s Historic Rise
On May 21st, Bitcoin surged past $111K, setting a new all-time high and closing the daily candle at $110K on Binance. This follows a week of steady gains, with BTC climbing over 10% since May 17th. However, technical signals suggest that the rally could be entering a phase of heightened volatility.
With a market capitalization exceeding $2.17 trillion, Bitcoin has officially surpassed Alphabet (Google) to claim the sixth spot among the world’s largest assets. It now ranks just behind Amazon, Apple, NVIDIA, Microsoft, and gold, leaving traditional heavyweights like silver, Saudi Aramco, and Meta behind.
Reasons Behind the Surge
Bitcoin’s climb past the $2 trillion market cap mark is a result of changes across the external environment. In Japan, where inflation continues to climb, Bitcoin is gaining traction as a practical alternative to fiat and traditional stores of value. In the U.S., concerns over fiscal stability have added to its appeal.
Author of “Rich Dad Poor Dad,” Robert Kiyosaki, recently pointed to failed U.S. Treasury bond auctions as a red flag, suggesting that trust in government debt is waning. His message was clear: Americans are turning to Bitcoin. This sentiment is confirmed in data showing Bitcoin holders outpacing those accumulating gold — a notable reversal in investor behavior.
