Bitcoin surpassed Amazon in capitalization and became the fifth asset in the world

On July 14, bitcoin's market capitalization reached $2.42 trillion, surpassing Amazon's ($2.38 trillion). Thus, the first cryptocurrency took the fifth position among the world's largest assets. The exchange rate of the BTC/USD pair has updated another historical high today at $122,741.

The increase in the value of BTC, according to Katalin Tischauser, head of the analytical department at Sygnum Bank, is related to its perception as a protective asset. According to Farside Investors, on July 10 alone, spot bitcoin ETFs attracted $1.17 billion, which marked the seventh consecutive day of strong inflows and a signal of growing investor confidence in the asset's prospects.

Charles Edwards, founder of Capriole Investments, believes that the growth of bitcoin's capitalization increases confidence in digital assets, but at the same time increases the risks of a short-term correction due to possible profit-taking by large holders.

Markus Thielen, CEO of 10x Research, also attributes the growth of BTC to the concerns of market participants amid the growing US budget deficit and a potential financial crisis.

Earlier, the Japanese company Metaplanet announced the purchase of 797 BTC for $93 million at an average price of $117,451. Taking into account the June data, the company owns more than 16 thousand. BTC is one of the five largest public holders of cryptocurrencies.