Bitcoin Price Smashes Record, Surpasses Google’s Market Cap
Bitcoin has done it again. The cryptocurrency has surged to fresh heights, touching $124,128 earlier today. This isn’t just another jump, it’s a defining moment.
According to data from companiesmarketcap.com, Bitcoin’s market value has now overtaken Google, securing its place as the fifth most valuable asset in the world.
Only Apple, Microsoft, Nvidia, and gold hold stronger positions. An impressive climb for something once brushed off as “internet money”.
Analysts say the latest surge in the bitcoin price is fuelled by softer-than-expected Consumer Price Index figures for July. This has raised market hopes of an interest rate cut from the US Federal Reserve next month.
The CME FedWatch tool now places the odds of a 25 basis point cut in September at an astonishing 94.8%. If borrowing costs drop, history suggests that risk assets like Bitcoin could rally even further.
Institutional demand has played a role too. Exchange-traded funds (ETFs) linked to Bitcoin have been attracting steady inflows over recent months. This wave of professional money has been a major factor in driving the cryptocurrency’s rally throughout 2024.
But there’s caution in the air. The $124,000 level is proving to be a sticking point, with some investors locking in profits. The wider economic backdrop is far from stable, with global trade tensions and geopolitical disputes threatening to unsettle markets.
If sentiment turns, a short-term correction in the bitcoin price wouldn’t be surprising.
For now, Bitcoin’s latest achievement stands as a symbol of its remarkable rise from fringe technology to one of the world’s most valuable assets. Whether it charges higher or pauses to catch its breath, the spotlight is firmly fixed on the digital currency.
