Bitcoin Overtakes Google to Become Fifth Largest Asset Globally as Crypto Rises Against Tech Stocks
Bitcoin (BTC) has officially surpassed Google (GOOG) in market capitalization, now sitting at $1.86 trillion and positioning itself as the fifth-largest asset globally, with its price surpassing $94,000.
This marks Bitcoin’s highest ranking ever, although it previously exceeded a $2 trillion market cap when its price reached above $109,000, during a time when tech stocks were significantly more inflated compared to current valuations.
Bitcoin has recently surged above $94,000, turning a positive year for the cryptocurrency. The breakout follows easing tensions in the U.S.-China trade war, which has contributed to rising market optimism. Both Bitcoin and tech stocks have benefitted, with Nasdaq futures gaining 2% in early trading.
From a technical perspective, Bitcoin has broken through key resistance levels, setting a new record against the Nasdaq, signaling a strong breakout not only against major tech stocks but also across various important asset classes.
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