For the third time this year, Bitcoin’s market capitalization has exceeded Alphabet, Google’s parent company, signaling its recent strong performance. This upward trend is marked by Bitcoin reaching a new price threshold of $100,000 and the wider crypto industry securing key legislative successes in the United States.

Matthew Sigel, Head of Digital Assets Research at global investment firm VanEck, described Bitcoin’s outperformance of technology giants like Google as “poetic justice.” For him, it’s a sign that the investment world is finally waking up to Bitcoin’s perceived value proposition.

Bitcoin’s Ascendance Over Tech Giants

It’s been a great year for Bitcoin, and the wider crypto community is reveling in its success. It’s also keeping traditional tech on high alert. 

This Friday, Bitcoin’s market capitalization reached $2.13 trillion, exceeding Alphabet’s by $30 billion. Though the difference is minimal, its significance is monumental, especially considering that this wasn’t the first time Bitcoin surpassed Alphabet. 

So far this year, Bitcoin has achieved a similar feat twice before, once in April and again in May, taking Alphabet’s place as the fifth-largest global asset and closely trailing behind Amazon. 

Meanwhile, crypto equities are also rejoicing in a rally of their own.

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Author: Camila Grigera Naón

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