Bitcoin Surges Past Amazon’s $2.1 Trillion Valuation—Is Apple the Next Domino to Fall?
Digital gold flexes its muscles again as Bitcoin eclipses Amazon’s market cap—proving Wall Street’s favorite buzzword isn’t just hot air. The crypto heavyweight now sets its sights on Cupertino’s tech titan.
Forget ’store of value’—this is a full-blown market coup. While traditional finance scrambles to justify lagging returns, Bitcoin’s relentless climb leaves analysts scrambling for new superlatives.
One question looms: When will the iPhone maker’s $3 trillion throne start looking shaky? (Spoiler: Your fund manager still thinks it’s ’just a speculative asset.’)
Source: Companiesmarketcap.com
After Amazon, Can Bitcoin Overtake Apple?
Apple has a market cap of $3.018 trillion right now. On the other hand, there are 19.7 million BTC in circulation. If Bitcoin’s market cap hits $3.018 trillion, the price of each coin will reach about $157,671 ($3.018 trillion divided by 19.7 million). BTC’s price will rally by 41.52% if it hits $157,671.
According to CoinCodex’s analysis, Bitcoin (BTC) may continue to rally over the coming weeks. The platform anticipates the asset to trade at $166,151 on Aug. 19 of this year. BTC’s price will face a 49.13% rally if it hits the $166,151 target.
What’s Pushing The Asset’s Price?
BTC’s latest rally could be due to a spike in institutional investments. While BTC is trading at new highs, other major assets are far from their respective all-time highs. Retail investors are likely sitting this rally out.
The rally could also be due to a spike in bullish sentiment among investors. The SEC has a pro-crypto head. The US government is helmed by a pro-crypto administration. The environment may appear right for many to increase their crypto exposure.
We may see a market-wide rally if the Federal Reserve cuts interest rates. There is a chance that the Fed will cut rates if inflation in the US continues to decline.
There is also a possibility that bitcoin (BTC) will face a correction in the coming weeks. BTC may face hurdles if institutional inflows drop.
