Bitcoin Surpasses $124K Mark and Overtakes Google in Market Capitalization

Bitcoin's value reached a new high of $124,130, trading even higher on premium exchanges like Coinbase and Bitstamp. The cryptocurrency gained 3.4% in one day, increasing from a low of $119,000 and surpassing its previous peak of $123,300. Boosted by global trade tariff relaxations and high US CPI, Bitcoin's market cap grew to $2.46 trillion, surpassing Google and becoming the world's fifth-largest asset. On the other hand, Ethereum is within 2.5% of its 2021 all-time high after achieving a four-year high of $4,770.

The surge in Bitcoin and Ethereum prices is driven by an influx of institutional capital. Public and private firms, along with sovereign entities, now control over 3.64 million BTC, accounting for more than 17% of the total supply.