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By James Van Straten|Edited by Parikshit Mishra
Apr 23, 2025, 8:13 a.m.
- Bitcoin became the world’s fifth-largest asset by market cap, reaching $1.86 trillion and overtaking Google.
- Rising optimism from easing U.S.–China trade tensions and a broader tech rally pushed Bitcoin over $94,000, breaking key technical levels and outperforming the Nasdaq.
Bitcoin (BTC) has become the fifth-largest asset by market capitalization, reaching $1.86 trillion and surpassing Google (GOOG) as it breaks through $94,000.
This marks the highest position bitcoin has ever attained in the rankings, even though its market cap previously exceeded $2 trillion when its price was over $109,000. At that time, however, tech stocks were significantly more elevated than they are at the moment.
STORY CONTINUES BELOW
Bitcoin has just broken above $94,000, turning positive for the year. Renewed optimism is emerging amid easing tensions in the U.S.–China tariff trade war, which has fueled gains for both bitcoin and tech stocks, with Nasdaq futures rising 2%.
Technically, bitcoin has now moved above key resistance levels that were noted on Tuesday. Additionally, it has set a new record relative to the Nasdaq, indicating a breakout not only against major tech indices but also across a range of key asset classes.
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin’s role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
