Bitcoin has just rewritten the leaderboard of the world’s most valuable assets. It has officially passed Amazon to become the fifth most valuable asset in the world. On the evening of May 8, Bitcoin’s market cap hit $2.054 trillion, beating Amazon’s $2.039 trillion and securing a new milestone for digital assets.
As the price of Bitcoin broke $103,000, traders were caught off guard as the market saw subsequent large-scale liquidations. Over $1 billion in positions were wiped out in just 24 hours, with short sellers hit the hardest.
Source: Coinglass Liquidation Chart
Mainstream Demand for Bitcoin Surges
Wall Street’s love affair with Bitcoin just deepened. Institutional demand continues to play a key role in Bitcoin’s rise. Spot ETFs have unlocked access for traditional investors, pulling in billions in capital. This wave of buying pressure is helping drive momentum.
Moreover, the bitcoin fever is gaining robust regulatory momentum as well. Three U.S. states approved Bitcoin reserve laws within 24 hours. And this State-level momentum could be the next major catalyst in increasing the institutional adoption further. The development adds momentum to Bitcoin’s mainstream integration.
Bitcoin’s appeal is also shifting. It’s now seen as a credible store of value and not just a speculative trade. That shift is helping solidify its position in global markets.
Multinational firms are allocating more capital to Bitcoin, treating it like gold or blue-chip tech stocks. The asset’s performance now ranks alongside that of Apple, Microsoft, and Nvidia. Bitcoin’s market cap surge is reflecting these mainstream trends, surpassing multinational giants one by one.
High Leverage Signals Possible Market Reversal
Source: Coinglass Open Interest
Despite bullish sentiment, the market shows signs of overheating. Traders are now walking a tightrope above billions in Bitcoin open interest.
Open interest in Bitcoin futures has surged to $67.4 billion. That level of leverage often leads to sharp corrections when price dips occur. And so the traders are watching key support levels closely. If Bitcoin falls below them, long positions could unwind fast. This would create a chain reaction of liquidations and volatility.
Even so, Bitcoin’s market cap rise reflects growing alignment with macro trends. It is no longer a fringe asset, but sits firmly in the mainstream.
And while markets hold their breath, Hayes is already betting on the next moonshot as he eyes a $150,000 Bitcoin target. His bullish stance is a symbol of rising market confidence in the community.
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