Bitcoin is now the world’s fifth-largest asset by market capitalization, as its price soared to unprecedented levels of around $122,000.
The world’s largest cryptocurrency holds a market capitalization of $2.407 trillion at the time of writing, beating that of Amazon, Silver and Google, according to companiesmarketcap.com. Gold currently owns the largest market capitalization of $22.64 trillion, followed by NVIDIA, Microsoft and Apple.
Bitcoin surged past $120,000 for the first time late Sunday night, continuing its ascent to trade at $122,500 by 2 a.m. Monday, according to The Block’s bitcoin price page.
“This rally isn’t just momentum, it’s infrastructure-driven,” said Vincent Liu, chief investment officer at Kronos Research. “The rally is being driven by a powerful convergence: institutional inflows through ETFs, policy momentum in Washington, and macro liquidity that’s finally turning favorable.”
A continued stream of institutional demand is spotted in U.S. spot bitcoin ETF inflows, where weeks of consecutive positive flows have led over $16 billion to move into the funds, according to SoSoValue data.
This is combined with anticipation for legislative advancements in the U.S. from “Crypto Week” — lawmakers will discuss and potentially advance key crypto proposals such as the CLARITY Act or the GENIUS Act this week.
Liu said bitcoin would see further upside if these factors hold up, and the market sees clearer signs of an interest rate cut from the Federal Reserve.
“We’re entering a regime where traditional valuation frameworks don’t apply cleanly,” Liu said. “If ETF demand sustains and rate cut expectations firm up, BTC could test $130K–$150K before year-end. But velocity will depend on whether retail re-engages alongside institutional flows.”
Eugene Cheung, chief commercial officer at OSL exchange, also said that he sees potential for bitcoin to reach $130,000 to $150,000 by the end of 2025.
Meanwhile, the Kronos analyst said bitcoin’s biggest risk now is soft retail conviction in the cryptocurrency, as institutional capital sustains market force.
“A stall in ETF inflows or renewed policy uncertainty could disrupt what’s currently a well-structured macro uptrend,” Liu said.
From bitcoin’s notable surge today, altcoins have also benefited — Ethereum rose 2.71% in the past 24 hours to break above $3,000, while XRP added 4.82% to $2.91, and Solana gained 3.21% to $165.9.
The GMCI 30 Index, which measures the performance of the top 30 cryptocurrencies, is up 3.6% over the last day.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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