Obchakevich believes the latest rally “will strengthen confidence in Bitcoin and lead to new injections into the crypto market.” The surge came as Bitcoin set a new all-time high and now trades above $110,000, which Obchavich said will “attract new investors to large funds.” Obchakevich noted that institutional players continue to play a growing role in the digital asset space:“In May, BlackRock became the second largest bitcoin holder after Satoshi Nakamoto, surpassing Binance in this indicator.”Hassan Khan, the CEO of Bitcoin liquidity platform Ordeez, told Cointelegraph that “this is a structural change.” He explained that “Bitcoin is no longer simply a hedge, it’s in the process of becoming a benchmark currency.”Related: Bitcoin 'looks exhausted' as next bear market yields $69K targetThe crypto market approaches new highsAccording to CoinMarketCap data, the total cryptocurrency market cap stood at $3.49 trillion at the time of writing.
The market cap of the world’s first cryptocurrency, Bitcoin, has surpassed that of retail and tech behemoth Amazon on “Bitcoin Pizza Day.”Market data shows that Bitcoin (BTC) had a market cap of $2.205 trillion at the time of writing, $70 billion more than the $2.135 trillion Amazon valuation.“By surpassing Amazon in terms of capitalization, Bitcoin has attracted even more attention from the non-crypto audience,” said Alex Obchakevich, founder of Obchakevich Research.
The foundation is more solid than in any other cycle before it.“Related: BlackRock’s Bitcoin ETF notches 2-week high inflow as BTC nears $112KToday is a special day for BitcoinToday, May 22, is “Bitcoin Pizza Day,” a recurrence commemorating May 22, 2010, when programmer Laszlo Hanyecz made the first documented purchase of goods using Bitcoin, paying 10,000 BTC for two Papa John’s pizzas.“What was once considered a highly speculative risk has evolved into a serious asset class,” said Ulli Spankowski, chief digital officer at Boerse Stuttgart Group.
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Author / Journalist: Cointelegraph by Adrian Zmudzinski
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