Bitcoin flips Amazon’s $2.3T market cap to become 5th global asset

Bitcoin has become the world’s fifth-largest asset, overtaking Amazon by market capitalization.

BTC price rose to a new all-time high of $122,600 on Monday and has soared nearly 13% over the past week, as Cointelegraph reported.

These gains allowed Bitcoin to surpass a $2.4 trillion market capitalization, overtaking Amazon’s $2.3 trillion, Silver’s $2.2 trillion and Alphabet’s (Google) $2.19 trillion, 

Bitcoin’s new record high comes amid a period of growing institutional adoption, which has seen corporate Bitcoin holding companies double since June 5. Over 265 companies are now holding Bitcoin on their balance sheets, up from 124 just weeks ago.

A total of 3.5 million Bitcoin is held in company treasuries, with 853,000 BTC, or 4% of the total supply, in public company treasuries, and over 1.4 million BTC, or 6.6% of the supply, through spot Bitcoin exchange-traded funds (ETFs).