MILESTONE | Bitcoin is Now the 5th Largest Asset by Market Capitalization

This represents Bitcoin’s highest-ever ranking, despite its market cap having previously surpassed $2 trillion when its price exceeded $109,000.

kodzilla··3 min read

Bitcoin (BTC) has climbed to become the fifth-largest asset by market capitalization, hitting $1.86 trillion and overtaking Google (GOOG) as its price soared past $94,000.

This represents Bitcoin’s highest-ever ranking, despite its market cap having previously surpassed $2 trillion when its price exceeded $109,000. At that point, however, tech stocks were trading at considerably higher valuations than they are today.

The leading cryptocurrency saw a sharp rise of almost 6% over the past 24 hours, climbing to $94,500 during early trading on April 23 2025. Other prominent digital assets also rallied, with Ethereum (ETH) jumping 10% to surpass $1,700. Dogecoin (DOGE), XRP, and Solana (SOL) recorded notable increases as well, gaining between 7% and 11%.

 

The latest rise marks continuation of its 12% rally over the past week, according to data from Coingecko.

According to analysts, renewed optimism is spreading as tensions ease in the U.S.- China tariff trade dispute, boosting both Bitcoin and tech stocks, with Nasdaq futures climbing 2%.

While Bitcoin is influenced by the macro-economic environment, like other assets having for instance declined alongside the NASDAQ and S&P 500 in Q1 2025, it appears to be rebounding more strongly, according to a Bloomberg analysis.


Key macro-economic factors influencing price movements include the ongoing tariff war and a recent threat by U.S. President Donald Trump to dismiss Federal Reserve Chairman, Jerome Powell.

The cryptocurrency rose by as much as 5%, reaching a high of $91,687 on April 22 2025 when President Trump eased on the trade war. Meanwhile, Bloomberg’s Dollar Spot Index saw a modest recovery after hitting its lowest point since late 2023 on April 21 2025. The Nasdaq 100 Index showed signs of a rebound following an April 21 2025 sharp decline, though it remained significantly below its levels from late February and early March 2025

The divergence from U.S. risk assets, which analysts indicate is largely driven by a weakening dollar, has provided some relief for crypto bulls, especially after the anticipated post-election rally under Trump’s return to power failed to materialize in his first three months.

Despite April 2025’s gains, Bitcoin still trades around 16% below its all-time high of over $109,000, reached in January 2025 when Trump re-entered the White House.


Historically, Bitcoin has continued to demonstrate its resilience and growth amidst both bull and bear markets:


 

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