Bitcoin surpasses Amazon as the fifth most-valuable global asset with $2.36trn market cap

In a historic milestone for the cryptocurrency industry, Bitcoin (BTC) has overtaken Amazon to become the fifth most valuable asset globally by market capitalisation, reaching an unprecedented $2.36 trillion. This shift, driven by a 5.8% price surge to $118,239 in the last 24 hours, underscores Bitcoin’s growing legitimacy as a mainstream financial powerhouse.

Meanwhile, Ethereum (ETH) also hit a significant benchmark, climbing nearly 7% to break the $3,000 mark for the first time since February, fuelling optimism across the broader crypto market.

BTC overtaking Amazon marks a crucial moment in its evolution from a niche digital experiment to a global store of value. Its market cap surged to $2.36 trillion, propelled by a combination of institutional enthusiasm, strong exchange-traded fund (ETF) inflows, and macroeconomic tailwinds. 

The rally comes on the heels of Bitcoin’s record-breaking performance, with its price peaking at $118,872.85 on July 11, according to Coin Metrics. 

This follows a steady climb, with BTC surpassing silver’s market cap just a day earlier at $113,289 and holding above $100,000 for over two months. The 24-hour trading volume across the crypto market also spiked by 44.98% to $141.17 billion, reflecting heightened investor activity.

Institutional demand remains a key driver. Bitcoin ETFs recorded their biggest inflow day of 2025 on July 10, with $1.18 billion pouring in, while Ether ETFs saw $383.1 million, the second-highest on record. 

BlackRock alone holds over $65 billion in BTC, and corporate treasuries like South Korea’s K Wave Media and KULR Technology have recently bolstered their Bitcoin holdings, signalling growing corporate adoption.

Ethereum and altcoins ride the Bitcoin wave

Bitcoin’s surge has created a ripple effect across the crypto ecosystem. 

Ethereum, the second-largest crypto by market cap, rose 8.29% to $3,013.13, driven by growing demand for decentralised finance (DeFi) applications and non-fungible tokens (NFTs) on its blockchain. 

The recent Ethereum 2.0 upgrade, which enhances scalability and reduces transaction fees, has further bolstered investor confidence. Other altcoins, including Solana (SOL), Ripple (XRP), and Litecoin (LTC), also posted gains of up to 10%, with the global crypto market cap reaching $3.47 trillion.

The Market Fear & Greed Index, a barometer of investor sentiment, stood at 67 (Greed) out of 100, reflecting strong bullish momentum.

From a technical perspective, Bitcoin’s price action paints a bullish picture. Analysts point to a “textbook breakout scenario” on the 4-hour BTC/USD chart, with the cryptocurrency entering price discovery mode after breaching its previous all-time high. Traders are now eyeing $120,000 as the next psychological and technical milestone, with some predicting a potential climb to $1 million within a decade if Bitcoin matches gold’s market cap.

However, the rally has not been without volatility. Over $650 million in Bitcoin short positions and $215 million in Ether shorts were liquidated in the past 24 hours, underscoring the risks of leveraged trading in a rapidly rising market.

Bitcoin’s climb past Amazon signals a broader paradigm shift. Once dismissed as a speculative bubble, the cryptocurrency now commands a market cap exceeding that of silver, the Taiwanese and Australian dollars, and tech giants like Google. 

Industry leaders speculate that gold, with a market cap significantly larger than Bitcoin’s, could be the next target if macroeconomic conditions continue to favour decentralised assets.

Regulatory clarity and high-profile endorsements have further fuelled optimism. Reports suggest Trump Media & Technology Group is preparing to launch a multi-cryptocurrency ETF, while Elon Musk’s subtle engagement with BTC-related content on X has sparked buzz.

The U.S. Federal Reserve’s potential interest rate cuts and Coinbase’s inclusion in the S&P 500 have also bolstered Bitcoin’s mainstream appeal.

With Bitcoin’s dominance at 64% of the crypto market and 93% of holders in profit, the asset’s trajectory appears robust. However, analysts caution that volatility remains a concern, and sustained institutional adoption will be critical to maintaining momentum. 

As Bitcoin cements its place among the world’s most valuable assets, its latest milestone underscores the growing convergence of traditional finance and decentralised systems. With Ethereum and other altcoins riding the wave, the crypto market is poised for further growth.