Bitcoin, the world's most valued cryptocurrency, briefly surpassed tech giants Google, Amazon, and Meta this week to become the fifth-largest asset globally by market capitalisation, according to data from CompaniesMarketCap.
On April 23, Bitcoin's market cap reached $1.86 trillion (approximately Rs 1.59 lakh crore), overtaking Alphabet (Google's parent company), Amazon, and even silver. However, the rally was short-lived. As of April 24, Bitcoin slipped back to the 8th spot, with a valuation of $1.83 trillion, behind Amazon ($1.91 trillion), Alphabet ($1.90 trillion), and silver ($1.87 trillion). Meta continues to hold the 10th position with a market cap of $1.31 trillion.
Despite the dip, Bitcoin's surge reflects a growing acceptance of digital assets in global financial markets. The top four asset positions remain unchanged - gold, Apple, Microsoft, and Nvidia continue to dominate.
Bitcoin has gained over 10 per cent in the past four days and is currently trading around $93,230 (approximately Rs 79.8 lakh), after briefly crossing the $94,000 mark. It had earlier dipped to around $76,000 (Rs 65.3 lakh) amid global uncertainty. The cryptocurrency's all-time high remains over $108,000 (Rs 92 lakh), reached in December 2024.
According to CoinSwitch Markets Desk, the latest rally aligns with geopolitical shifts, including former US President Donald Trump's announcement of partial easing in the US-China trade tensions. Adding to the momentum, Cantor Fitzgerald's newly appointed chairman, Brandon Lutnick, announced a $3 billion institutional investment in Bitcoin under a new venture, 21 Capital, in partnership with SoftBank, Tether, and Bitfinex. This is seen as a strong signal of increasing institutional interest in crypto assets.
As Bitcoin continues to attract both retail and institutional investors, its rapid climb and fall on the global asset rankings underscores the volatile yet increasingly influential role of cryptocurrencies in today's financial landscape.
