Bitcoin Reaches All-Time High of $110,000, Surpassing Amazon and Google

On May 21, Bitcoin achieved a new all-time high (ATH) near the $110,000 mark, driven by significant buying pressure. Its market capitalization surpassed $2.1 trillion, making it the fifth most valuable asset globally, ahead of companies like Amazon and Google.

Market Positioning

Bitcoin's current market cap is approximately $2.182 trillion.
It ranks behind Apple, NVIDIA, Microsoft, and gold, which has a market cap over $22 trillion.

Future Prospects

Bitget’s Managing Director, Gracy Chen, predicts Bitcoin may surpass gold in market cap within the next few years.
Chen suggests potential for a two to threefold price increase for Bitcoin.
Bitcoin's correlation with traditional financial markets has increased, especially with the anticipated approval of spot Bitcoin ETFs in 2024.

Analysts' Insights

Antoni Trenchev from Nexo notes positive regulatory developments in the US are enhancing investor sentiment.
Surpassing January's high indicates Bitcoin entering "blue sky territory" with institutional momentum supporting growth.
The ongoing fourth year of Bitcoin’s price cycle post-halving traditionally leads to significant price increases.
Trenchev forecasts a potential target of $150,000 by 2025 despite macro uncertainties.

As of now, Bitcoin is trading at $109,570, reflecting increases of 3% over 24 hours and 25% over the past 30 days.