Bitcoin has reached a new milestone, briefly overtaking Google parent company Alphabet’s $2.4 trillion market capitalization to become the fifth-largest asset globally.
On Thursday, bitcoin surged to an all-time high of $124,457, drawing renewed optimism from investors and industry leaders.
Gemini co-founder Tyler Winklevoss celebrated the achievement, noting:
“Bitcoin all-time high and it’s only Wednesday.”
Others, like investor Kyle Chassé, suggested this could be the “best week for Bitcoin.”
However, larger price predictions remain, such as Arthur Hayes’ forecast of $250,000 in 2025, should the US Federal Reserve return to quantitative easing in response to inflation.
Institutional capital drives momentum
The surge in bitcoin’s price has pushed the total digital asset market capitalization above $4.1 trillion for the first time.
According to Vugar Usi Zade, COO at Bitget, the momentum is being driven by increased institutional capital, helped by recent US policy changes like the GENIUS Act and structural shifts such as 401(k) bitcoin allocations. Zade stated:
“It is not just a wave of speculative enthusiasm; it is the groundwork for bitcoin’s integration into mainstream portfolios.”
Price levels and market outlook
Analyst Rekt Capital identified $126,000 as the next pivotal price level for bitcoin, following the break above the $120,000 psychological barrier, which has now become significant support.
Jeff Park of ProCap BTC described the current bull run setup as the “easiest BTC bull run set up ever.”
For bitcoin to surpass Apple’s market cap, the price would need to climb above $175,000.
