Bitcoin Surpasses Google, Becomes Fifth Largest Asset in the World

Bitcoin has surpassed Alphabet to become the world’s fifth largest asset by market cap. Its market capitalization reached $1.87 trillion, significantly outpacing Google’s $1.859 trillion. This surge marks a new correlation with tech stocks, with Bitcoin up 15% in April compared to Nasdaq 100’s 4.5%. Additionally, it now holds a valuation greater than two Teslas.

In a significant twist, Bitcoin (BTC) has risen to the prestigious ranks of being the fifth most valuable asset in the world by market cap, surpassing tech giant Google’s parent company, Alphabet. As of April 23, Bitcoin’s market cap reached a staggering $1.87 trillion, nudging past Alphabet’s valuation of $1.859 trillion. This puts BTC just behind heavyweight assets like gold, Apple, Microsoft, and Nvidia, marking a pivotal moment in the cryptocurrency’s journey.

Interestingly, Bitcoin’s surge comes at the same time it seems to be breaking away from its historical ties to U.S. tech stocks. In April alone, Bitcoin’s price shot up by an impressive 15%. In contrast, the Nasdaq 100, a focal point for tech investments, delivered a more modest return of just 4.5%. This apparent detachment is a turnaround from earlier months where many crypto enthusiasts were left disappointed by the lack of momentum following the elections.

Despite these gains, Bitcoin’s price is still around 16% shy of its all-time high of $109,000 hit in January—the same day Trump took office for a second time. That said, the former president’s recent critiques directed at Federal Reserve Chair Jerome Powell and his push for a Strategic Bitcoin Reserve (SBR) are reigniting interest among investors craving a crypto resurgence.

Vetle Lunde, the head of research at K33, noted, “Chatter questioning Fed independence is having positive spillover effects on BTC.” Meanwhile, macro analyst Fejau suggested that outflows from U.S. assets might actually bolster Bitcoin’s value, highlighting its appeal as a high-beta asset without the current risks tied to U.S. tech markets. He added that, once the dust settles from current market adjustments, Bitcoin could emerge victorious from the turmoil.

In numbers, Bitcoin’s value now eclipses that of two Teslas, which is remarkable, considering Tesla also once included Bitcoin in its financial strategy when the cryptocurrency was around $33,500. Now, Bitcoin’s tremendous growth amounts to about 180% gains, making Tesla’s early investment worth over $1 billion today.

It’s worth noting, however, that this report doesn’t serve as investment advice. Cryptocurrency investing is fraught with risks, and readers are encouraged to pursue their own research before jumping in.

Bitcoin’s recent milestone highlights its ascendance as a major asset, overtaking Alphabet and showcasing a remarkable gain in market capitalization. This shift signals a decoupling from traditional tech stocks, paired with renewed interest driven by Trump’s comments on the Federal Reserve. However, avid investors should tread carefully and consider potential risks in this volatile market.

Original Source: cointelegraph.com