Bitcoin Market Capitalization Reaches $2.2 Trillion Amid Bullish Sentiment
Bitcoin's market capitalization reached $2.2 trillion, making it the fifth-largest asset globally, surpassing Amazon and Google. It is now behind Apple, Microsoft, and Nvidia.
Market sentiment is bullish, with strong buying activity as BTC price stabilizes around $110,000. Upcoming options expiry shows significant call options clustered at $110,000, with some traders speculating on prices reaching $200,000 or $300,000 in June.
Despite Bitcoin's success, Strategy (MSTR) lagged in share price but announced a $2.1 billion offering to fund further Bitcoin acquisitions. BlackRock’s iShares Bitcoin Trust (IBIT) reported $877 million in inflows, totaling $47.6 billion.
Bitcoin rose 5% over five days, while the S&P 500 declined by over 1%, reinforcing its appeal as a macro hedge. Investors are awaiting Federal Reserve Chair Jerome Powell’s speech on Sunday.
Key Dates
- May 30: Second round of FTX repayments begins
- May 31: Mezo mainnet launch
- June 6: U.S. SEC Crypto Task Force Roundtable on DeFi
Market Movements
- BTC: $111,330.90 (+0.33%)
- ETH: $2,685.47 (+0.53%)
- CoinDesk 20: 3,393.60 (+1.12%)
Bitcoin Stats
- BTC Dominance: 63.70%
- Hashrate: 882 EH/s
- CME Futures Open Interest: 17,579 BTC
Technical Analysis
- Strategy (MSTR) shows an ascending channel formation against IBIT.
- Price action indicates potential support around $6.10–$6.20.