Source: Cointelegraph Original: "{title}"
Bitcoin (BTC) has officially surpassed the market capitalization of Google's parent company Alphabet, becoming the fifth most valuable asset in the world.
According to asset ranking data, as of April 23, Bitcoin's market capitalization soared to $1.87 trillion, slightly exceeding Alphabet's valuation of $1.859 trillion. Currently, Bitcoin's market cap is only behind gold, Apple, Microsoft, and Nvidia.
Bitcoin's April return outperformed the Nasdaq 100 index
In April, Bitcoin's performance outpaced the Nasdaq 100 index
Bitcoin's surpassing of Alphabet comes as its long-term correlation with U.S. tech stocks (especially the Nasdaq 100 index) shows signs of "decoupling." During April, Bitcoin's price surged by 15%, while the Nasdaq 100 index only increased by 4.5%.
BTC/USD and Nasdaq 100 price comparison chart Source: TradingView
This decoupling phenomenon has disappointed crypto investors who were hoping for a bull market after the elections.
Despite the increase in April, Bitcoin's price is still 16% lower than the historical high of $109,000 set in January, which coincided with Donald Trump's inauguration as President of the United States.
Source: Geiger Capital
Trump's recent criticism of Federal Reserve Chairman Powell, along with his executive order to establish a Strategic Bitcoin Reserve (SBR) — a policy that will enter a 60-day review period in two weeks — is reigniting investor interest in cryptocurrencies.
K33 research director Vetle Lunde stated, "The market's questioning of the Federal Reserve's independence is having a positive spillover effect on Bitcoin." Macro analyst Fejau emphasized that since Bitcoin is not affected by tariffs, funds flowing out of U.S. assets are likely to pour into Bitcoin, noting that it "can provide high beta returns while avoiding the current tail risks of U.S. tech stocks."
"Bitcoin was born for this market environment," he wrote, adding:
"Once the deleveraging storm calms down, it will be the fastest horse to break out of the starting line."
Bitcoin's market cap exceeds the combined total of two Teslas
Alphabet is currently facing multiple headwinds, including regulatory crackdowns, antitrust lawsuits, and a slowdown in digital advertising revenue. The rise of competitors in the AI space and downward adjustments in growth expectations have also shaken market confidence in Google's long-term dominance.
Source: Japan Times
With a market cap of $1.87 trillion, Bitcoin is now valued at more than the combined market cap of two Teslas.
The electric vehicle giant incorporated Bitcoin into its balance sheet at around $33,500 at the beginning of 2021, and its holdings are currently up about 180%, valued at over $1 billion.
This article does not contain investment advice or recommendations. Every investment and trade involves risks, and readers should conduct their own research when making decisions.
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