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Bitcoin surpasses Google to become the 5th largest asset in the world with a new all-time high - Rising on expectations of an interest rate cut from the Fed | CoinDesk JAPAN
Bitcoin (BTC) updated its all-time high on the night of the 13th in U.S. time. As investors accelerate their investments in risk assets ahead of important macroeconomic events, the market remained strong.
In the early morning of the 14th during Asian hours, it exceeded $124,000, slightly declining after surpassing the $123,205 recorded on July 14 due to profit-taking movements. With the S&P 500 setting new all-time highs for two consecutive days, Bitcoin also rose in line with the same bullish macro environment.
As of the time of writing this article, according to data from CompaniesMarketcap, the market capitalization of Bitcoin has reached $2.46 trillion, making it the fifth largest asset in the world, surpassing Google's $2.4 trillion (however, as of 4 PM Japan time on the 14th, Google has surpassed Bitcoin, and Bitcoin is now in sixth place).
Such movements are backed by the improvement of the regulatory environment under the Trump administration and the bullish mood resulting from the expansion of Bitcoin treasury companies.
The strategy led by Michael Saylor has opened the door for corporate Bitcoin purchases, which are now spreading to relatively small publicly traded companies. Furthermore, there has recently been a movement to purchase Ethereum.
As a result, major cryptocurrencies have remained stable, and according to CoinGecko, the market capitalization of Bitcoin is approximately $2.46 trillion, while the market capitalization of Ethereum (ETH) has reached about $575 billion. Additionally, these two cryptocurrencies account for approximately 70% of cryptocurrency trading.
The recent rise is supported by optimistic movements in the macroeconomy. The U.S. Consumer Price Index (CPI) released this week came in roughly as expected, strengthening expectations for an interest rate cut by the Federal Reserve (FRB) in September.
Rate cuts tend to ease the financial environment and push up the valuation of risk assets. As a result, funds flow from blue-chip stocks to high-volatility assets like cryptocurrencies.
Currently, Bitcoin has clearly broken above the resistance in the lower $120,000 range, and among technical analysts, some have set the next price target between $135,000 and $138,000.
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