On the globally celebrated “Bitcoin Pizza Day”, Bitcoin’s market cap has impressively outperformed Amazon’s, the retail and tech giant. According to recent market data, Bitcoin (BTC) currently holds a market cap of $2.205 trillion, exceeding Amazon’s $2.135 trillion valuation by a whopping $70 billion.
The founder of Obchakevich Research, Alex Obchakevich, pointed out that Bitcoin’s latest achievement of surpassing Amazon has further drawn the attention of the non-crypto audience. He is of the firm belief that the recent rally will enhance trust in Bitcoin, thereby leading to new investments in the crypto market.
Bitcoin’s price has reached a new all-time high, exceeding $110,000. This, according to Obchakevich, will lure new investors, including large funds. He emphasized the increasingly significant role institutional players are playing in the digital asset space. “In May, BlackRock became the second-largest Bitcoin holder after Satoshi Nakamoto, surpassing Binance in this indicator,” he said.
CEO of Bitcoin liquidity platform Ordeez, Hassan Khan, sees this as a structural shift, arguing that Bitcoin is evolving beyond just a hedge and is gradually becoming a benchmark currency.
As per CoinMarketCap, the total cryptocurrency market cap stands at $3.49 trillion. While this figure is impressive, it’s still about 6% lower than the all-time high of $3.71 trillion reported at the end of 2024. CoinMarketCap also reported that Bitcoin exchange-traded funds (ETFs) saw nearly $604 million of net inflows on May 21. The current open interest on crypto derivatives is $756.16 billion for perpetual swaps and $3.24 billion for futures.
Obchakevich predicts a steady journey towards $200,000 for Bitcoin, with gradual adjustments. “This year, we anticipate Bitcoin to hit $150,000 and $90,000,” he said. Khan echoed this sentiment, stating that large net inflows to ETFs and increasing open interest demonstrate growing institutional confidence.
May 22, popularly known as “Bitcoin Pizza Day,” commemorates the day when programmer Laszlo Hanyecz made the first recorded goods purchase with Bitcoin, spending 10,000 BTC on two pizzas from Papa John’s. Ulli Spankowski, Chief Digital Officer at Boerse Stuttgart Group, said that Bitcoin has evolved from a speculative risk to a serious asset class, with a market capitalization surpassing 2 trillion US dollars, making it the fifth-largest asset globally.
