Bitcoin has recently set another milestone, with its valuation skyrocketing to an unprecedented $124,457. This surge temporarily allowed Bitcoin to overshadow the market cap of Alphabet, the parent company of Google. Although a similar situation occurred earlier in July, Bitcoin’s subsequent price decline to $121,718 enabled Alphabet to reclaim its spot. According to Companiesmarketcap data, Bitcoin now holds the position as the sixth most valuable asset worldwide. For Bitcoin to overtake Alphabet again, an additional $2 billion is required in its market capitalization.
How Did Bitcoin Achieve This Milestone?
Bitcoin’s price increase to $124,457 briefly placed its market capitalization above that of Alphabet. Notably, this is the second time in a year that Bitcoin has exceeded the tech titan’s valuation, illustrating Bitcoin’s volatile yet progressive trajectory.
Will Bitcoin Near $130,000 Soon?
Projections have risen, as Polymarket data reveals a 46% likelihood that Bitcoin could break the $130,000 barrier in August. There’s a minimal chance, calculated at 5%, for the cryptocurrency to climb above $150,000 within two weeks. Analyst Miles Deutscher mentioned that Bitcoin might be on the brink of a steep ascent.
So far this year, Bitcoin’s returns have surpassed those of gold. Observations from the XAUT/Bitcoin pair on Bitfinex show a 3% decline since January, following last year’s 42% drop.
“I am confident that Bitcoin will eventually surpass gold,” stated Mike Novogratz, CEO of Galaxy Digital.
In concrete terms, for Bitcoin to catch up to Apple, which is currently positioned further ahead, an increase of $36 billion in market valuation is necessary. These evaluations presume that there will be no fluctuations in the market caps of Alphabet and Apple.
Bitcoin continues to demonstrate resilience in its speculative allure and financial viability. The digital currency’s ability to match or even surpass formidable corporations like Alphabet and Apple signals an evolving financial landscape, underscoring a potential shift in asset valuation dynamics.
