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- Bitcoin surged past silver to become the world’s sixth most valuable asset.
- A price of $120,051 would let Bitcoin overtake Amazon’s market cap.
- The crypto market also saw $484 million in liquidations due to the rapid climb.
Bitcoin continues its climb toward the top of the global asset ladder. On Sunday, July 13, the price of Bitcoin rose sharply. It reached $119,444 before stabilizing at $118,724. This rally pushed Bitcoin’s market capitalization to $2.361 trillion.
That market value brought Bitcoin ahead of silver, which is valued at $2.199 trillion. Next in line is Amazon, valued at $2.388 trillion. Bitcoin is fast closing in, and just a small gap is in between.
If Bitcoin breaks through $120,051, then technically, it would be ahead of Amazon. That is still a tough barrier, though. More than math, markets are psychological too.
Bitcoin Targets Next Big Milestone
The newest development for Bitcoin is a new record. As recently as July 9, it shattered an old all-time high when it struck a value of $112,040. The record was reached after a 3% appreciation in value in respect to the U.S. dollar. The trading volume spiked too, reaching over $28 billion in a 24-hour span.
Bitcoin’s surge also lifted the crypto market as a whole. Digital coins increased 3.02% in aggregate, putting the total value at $3.47 trillion. The surge was a sign of rising interest as well as renewed investor sentiment.
Ahead lies the mountainous road to overcoming behemoth tech firms. In order to equal Apple’s market cap of $3.153 trillion, Bitcoin must be worth $158,552 per coin. With a market value of $3.740 trillion, Microsoft must be worth $187,999.
Nvidia, which is currently in the second spot, worth a market cap of $4.002 trillion, would be dethroned when Bitcoin hits $202,166. But gold is the biggest benchmark. With a whopping valuation worth $22.632 trillion, Bitcoin would need to be trading at a value worth $1,137,584 in order to dethrone it.
Bitcoin Derivatives Market Shaken by Spike
Bitcoin’s explosive surge in the past few of days was not overlooked on the derivatives front. The surge in price saw massive major liquidations between different platforms worth a total of $484.72 million. The short sellers were most hit. Positions worth $223 million were taken down as prices shot up from $109,000 to the new high.
Such fluctuations indicate the speculative nature of betting against the growth of Bitcoin. With rising prices and growing confidence, traders on the wrong side of the trend suffer steep losses. The volatility in markets remains high even as long-term growth endures.
Bitcoin’s position as the world’s leading asset is testament to just how much the financial world has progressed. What was once an alternative currency is today directly in contention with big-tech companies and gold. Next week is potentially historic, when, or if, the line at $120,000 is broken.
Related Reading: Bitcoin Smashes $118,000 All-Time High as ETF Inflows and Big Buyers Fuel Rally
