Bitcoin, one of the world’s largest traded crypto assets, has officially overtaken e-commerce giant Amazon to become the fifth most valuable asset globally, reaching an unprecedented $2.36 trillion market cap.
The crypto asset reached a high of $123,000 before pulling back slightly to $122,138 at the time of writing this report.
Meanwhile, the second-largest traded crypto asset, Ethereum (ETH), also broke a key resistance level, rising nearly 7% to cross the $3,000 mark for the first time since February, fueling bullish sentiment across the broader crypto ecosystem. XRP and Solana also gained about 3% each.
According to data from CoinMarketCap, the sector’s total market value has swelled to about $3.81 trillion. Trading volume across the entire crypto market also spiked by nearly 45% to $141.17 billion, reflecting surging investor activity.
Bitcoin’s Rise: From Crypto Asset to Global Digital Reserve
Bitcoin’s meteoric rise, with its recent ascension past Amazon, marks a critical milestone in its evolution from a fringe digital currency to a global store of value. The surge in its market cap was driven by institutional inflows, record ETF investments, and favorable macroeconomic conditions.
According to the report, European ETFs saw a 20.3% growth in the first half (H1) of 2025, with assets under management hitting $2.74 trillion. The figure marked an increase from $2.27 trillion at the end of 2024, a 20.3% increase over the six months. It also surpassed the previous record of $2.61 trillion set just a month earlier in May.
Speaking on Bitcoin’s recent bullish upward price movement, market analyst for IG Tony Sycamore said,
“It’s riding several tailwinds at the moment,” he said, citing strong institutional demand, expectations of further gains, and support from Trump as reasons for the bullishness.
“It’s been a very, very, strong move over the past six or seven days, and it’s hard to see where it stops now. It looks like it can easily have a look at the $125,000 level,” he added.
Also speaking, Gracie Lin, OKX’s Singapore CEO, said,
“What we find interesting and are watching closely are the signs that bitcoin is now being seen as a long-term reserve asset, not just by retail investors and institutions but even some central banks. We’re also seeing increasing participation from Asia-based investors, including family offices and wealth managers. These are strong signs of bitcoin’s role in the global financial system and the structural shift in how it is perceived, suggesting that this isn’t just another hype-driven rally.”
In recent times, Bitcoin has increasingly been viewed as a long-term reserve asset due to its decentralized nature and growing institutional adoption by Central Banks, corporations, and even some governments.
For example, El Salvador adopted Bitcoin as legal tender in 2021, and companies like MicroStrategy have amassed significant Bitcoin holdings, with over $15 billion worth as of recent data. Its “digital gold” narrative is bolstered by its scarcity and resistance to centralized control, though volatility and regulatory uncertainty remain concerns for widespread adoption.
Also, U.S. President Donald Trump has significantly shifted his stance on Bitcoin, moving from skepticism to strong support. Recall that during his first term, he called Bitcoin a “scam” in 2021, but as of 2025, he has embraced it as a key part of his pro-crypto agenda.
On January 23, 2025, Trump signed an executive order establishing a Strategic Bitcoin Reserve, capitalizing it with approximately 200,000 Bitcoin already held by the U.S. government from criminal and civil forfeiture proceedings. This reserve is intended to treat Bitcoin as a long-term store of value, likened to a “digital Fort Knox,” with a policy of not selling these assets.
The surge in bitcoin, which is up 29% for the year so far, has sparked a broader rally across other cryptocurrencies over the past few sessions. Other altcoins, including Solana (SOL), Ripple (XRP), and Litecoin (LTC), also saw gains of up to 10%, pushing the global crypto market cap to $3.47 trillion.
The Crypto Fear & Greed Index currently sits at 67 (Greed), indicating robust bullish momentum among investors. From a technical standpoint, Bitcoin is exhibiting a classic breakout pattern on the 4-hour BTC/USD chart, having entered price discovery mode after smashing its previous highs.
Analysts are eyeing $120,000 as the next significant psychological and technical resistance. Some even predict BTC could reach $1 million within the next decade if it mirrors gold’s market capitalization.