On May 22, the cryptocurrency world celebrated "Bitcoin Pizza Day" with a remarkable milestone – Bitcoin's market capitalization exceeding that of retail and tech giant Amazon. At the time of writing, Bitcoin's market cap reached $2.205 trillion, outpacing Amazon's valuation of $2.135 trillion.
The significant surge in Bitcoin's market cap has caught the attention of both crypto enthusiasts and traditional investors. Alex Obchakevich, the founder of Obchakevich Research, noted that this achievement will likely draw more interest from those outside the crypto space. He expressed confidence that this rally will enhance trust in Bitcoin, attracting new investments into the crypto market.
The latest rally propelled Bitcoin to a new all-time high, trading above $110,000. Obchakevich highlighted that this price level could entice new investors, including large funds, to enter the market. He also pointed out the increasing involvement of institutional players in the digital asset realm, citing BlackRock's position as the second-largest Bitcoin holder after Satoshi Nakamoto.
Hassan Khan, CEO of Bitcoin liquidity platform Ordeez, described this shift as a "structural change," emphasizing that Bitcoin is evolving beyond a mere hedge to potentially become a benchmark currency. This transformation reflects the growing acceptance and adoption of cryptocurrencies in mainstream finance.
The broader crypto market is also experiencing significant growth, with CoinMarketCap data showing a total market cap of $3.49 trillion. Although slightly below the all-time high of $3.71 trillion in 2024, this figure indicates the market's resilience and continued upward trajectory.
Bitcoin exchange-traded funds (ETFs) saw substantial net inflows of nearly $604 million on May 21, underscoring increasing investor interest in crypto assets. The current open interest on crypto derivatives, including perpetual swaps and futures, further demonstrates growing institutional confidence in the market.
Looking ahead, Obchakevich predicts a gradual rise towards $200,000 for Bitcoin, with interim targets at $150,000 and $90,000 within the year. Khan echoed this sentiment, pointing to the steady inflows into ETFs and rising open interest as indicators of sustained institutional confidence.
As the cryptocurrency market evolves and gains mainstream recognition, Bitcoin continues to solidify its position as a significant asset class. On the anniversary of Bitcoin Pizza Day, commemorating the first documented Bitcoin transaction for two pizzas in 2010, industry experts emphasize the transformative journey of Bitcoin from a speculative asset to
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