Bitcoin has officially secured its place among the world’s elite assets, surpassing Google parent Alphabet to become the fifth-largest asset globally by market capitalization. The cryptocurrency reached a market cap of $1.86 trillion as it broke through the $94,000 price level on Wednesday, edging past Google’s $1.859 trillion valuation.
Historic Milestone Despite Previous Higher Prices
While Bitcoin briefly exceeded $2 trillion in market cap when it hit its all-time high of $109,000 earlier this year during President Donald Trump’s re-inauguration, this marks the first time it has ranked this high among global assets. Notably, tech stock valuations were significantly more elevated during Bitcoin’s previous market cap peak, making the current achievement even more remarkable.
“Bitcoin is not just keeping up with tech — it’s breaking out against it,” noted a market strategist on social media platform X. “This shift in market cap rankings shows a redefinition of what top-tier global assets look like.”
Bitcoin Breaks Key Technical Levels
The cryptocurrency’s ascent past $94,000 coincides with multiple technical breakouts that analysts have been monitoring closely. Bitcoin has cleared several resistance levels that were being watched earlier this week, and more significantly, it has established new highs relative to the Nasdaq index, a key benchmark for high-growth technology assets.
This outperformance signals what many analysts are describing as a “decoupling” from tech stocks. While Bitcoin had historically maintained a strong correlation with U.S. technology equities, April has seen this relationship weaken significantly. While the Nasdaq 100 has declined by 4.5% this month, Bitcoin has surged by approximately 15%, demonstrating its potential as an independent asset class.
Also Read: Bitcoin ETFs Record Largest Single-Day Inflows Since January with $381 Million Surge
Trade War De-escalation Fuels Rally
The immediate catalyst for Wednesday’s surge appears to be easing tensions in U.S.-China trade relations. On April 22, President Donald Trump indicated that import tariffs on Chinese goods would “come down substantially,” triggering a broad rally across global markets. While Nasdaq futures rose by 2% in response to this news, Bitcoin’s performance has been substantially stronger.
Additionally, Trump’s recent comments suggesting he won’t fire Federal Reserve Chair Jerome Powell helped stabilize markets and boost risk assets. This political pivot, combined with the improving trade outlook, has reignited investor optimism after months of volatility.
“This market regime is what Bitcoin was built for,” noted macro analyst Fejau. “Once the degrossing dust settles, it will be the fastest horse out of the gate.”
Bitcoin’s Place Among Global Assets
As of April 23, 2025, Bitcoin now ranks fifth among global assets, ahead of Google and closing in on the next tier of mega-assets: (source – Binance)
- Gold – $14.4 trillion
- Apple – $2.85 trillion
- Microsoft – $2.75 trillion
- Saudi Aramco – $2.07 trillion
- Bitcoin – $1.86 trillion
- Google (Alphabet) – $1.84 trillion
To put Bitcoin’s $1.87 trillion valuation into perspective, it’s now worth more than two Tesla companies combined. Notably, Tesla famously added Bitcoin to its balance sheet in early 2021 when it traded around $33,500, and is now sitting on approximately 180% gains worth over $1 billion.
Institutional Interest Surges
Bitcoin’s milestone arrives alongside significant institutional adoption. U.S. spot Bitcoin ETFs recorded inflows of $912.7 million in the past day, marking the largest single-day influx since President Trump’s inauguration. Bitcoin’s market dominance within the cryptocurrency sector has consequently risen to 63.41%.
“Bitcoin’s rise past Google marks more than a symbolic moment,” said a strategist at 10x Research. “It highlights a shift in how capital allocators are thinking about long-term stores of value.”
This institutional interest is occurring against the backdrop of Trump’s executive order to create a Strategic Bitcoin Reserve (SBR), which is approaching its 60-day review window. Analysts speculate that implementation of this reserve could further bolster Bitcoin’s standing as a recognized global asset.
Broader Crypto Market Reaction
The broader cryptocurrency market has responded positively to Bitcoin’s surge, with the total crypto market capitalization jumping nearly 7% to approach $3 trillion. Trading volumes have exploded, increasing by 53% to $137 billion over the past 24 hours.
Bitcoin’s performance is particularly impressive when contrasted with gold, which has cooled off after recently hitting new all-time highs. Gold prices dipped 2% on Wednesday morning after setting records and currently trade at $3,326.54 per ounce. While gold still dominates the asset rankings with a market cap of $22.39 trillion, Bitcoin’s rapid ascent has begun to shift conversations about the future hierarchy of global assets.
Long-Term Implications
Market observers suggest that Bitcoin’s advancement in global asset rankings reflects its evolution from a purely speculative investment to a hedge against both inflation and geopolitical instability. With renewed institutional interest and accelerating ETF inflows, Bitcoin is increasingly viewed as a macroeconomic benchmark rather than merely a cryptocurrency.
“Chatter questioning Fed independence is having positive spillover effects on BTC,” said Vetle Lunde, head of research at K33, highlighting how central bank policy uncertainty tends to benefit Bitcoin as an alternative monetary system.
Even with the impressive rally, Bitcoin remains approximately 13% below its all-time high of $109,000, suggesting potential room for further appreciation. As global trade tensions, monetary policy uncertainties, and technological disruption continue to reshape investment landscapes, Bitcoin’s trajectory within the global asset hierarchy remains a focal point for investors and economists alike.
As one trader commented on social media platform X: “Bitcoin’s on a tear! $1.86T market cap, over $94K, and now it’s bigger than Google. Tech rally and easing trade are the rocket fuel. Unbelievable!”
The question now facing investors is whether Bitcoin can maintain its momentum and potentially challenge the next tier of global assets, or if the traditional financial system will reassert its dominance in the months ahead.
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