So, guess what? On this glorious “Bitcoin Pizza Day,” the world’s first cryptocurrency, Bitcoin, has decided to flex its muscles and surpass the retail giant Amazon in market cap. Who knew a digital coin could throw shade like that? 😏
As of now, Bitcoin (BTC) is strutting around with a market cap of a whopping $2.205 trillion, which is a cool $70 billion more than Amazon’s $2.135 trillion. Talk about a glow-up! 💅
“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. Well, Alex, I guess it’s time for the non-crypto folks to put down their lattes and pay attention! ☕️
Obchakevich also mentioned that this latest rally “will strengthen confidence in Bitcoin and lead to new injections into the crypto market.” I mean, who wouldn’t want to invest in something that’s worth more than your average tech company? 💸
And let’s not forget the institutional players! Obchakevich noted:
“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, chimed in, saying, “this is a structural change.” Apparently, Bitcoin is no longer just a hedge; it’s on its way to becoming a benchmark currency. Who knew? 🤷♀️
The crypto market approaches new highs
According to CoinMarketCap data, the total cryptocurrency market cap is sitting pretty at $3.49 trillion. While that’s impressive, it’s still nearly 6% lower than the all-time high of $3.71 trillion reported at the end of 2024. But hey, who’s counting? 📉
More CoinMarketCap data shows 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. Looking into the future, Obchakevich shared his view on Bitcoin’s direction:
“We are moving gradually towards $200,000, with gradual adjustments. I am sure that this year we will see Bitcoin at $150,000 and $90,000.”
Khan added that “large net inflows to ETFs and increasing open interest demonstrate that institutional confidence is growing.” But he also warned:
“Short term profit taking and macro rate uncertainty are tempering momentum. But below-the-surface metrics […] point to continued high conviction. The foundation is more solid than in any other cycle before it.”
Today is a special day for Bitcoin
Today, May 22, is “Bitcoin Pizza Day,” a day to remember when programmer Laszlo Hanyecz made the first documented purchase of goods using Bitcoin, paying 10,000 BTC for two Papa John’s pizzas. Yes, you heard that right—10,000 BTC for pizza! 🍕💰
“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. Well, Ulli, I guess we can all agree that Bitcoin has come a long way from being just a pizza topping! 🍕✨
Spankowski added that nowadays, Bitcoin “boasts a market capitalization of over 2 trillion US dollars, ranking it as the fifth-largest asset globally, behind gold and the three largest publicly traded companies.” Who knew a digital coin could be so popular? 😄
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2025-05-22 14:10