Amid easing US-China trade tensions, Bitcoin sets a new record relative to the Nasdaq, breaking key resistance levels and gaining momentum.
Bitcoin has reached a new milestone, becoming the fifth-largest asset by market capitalisation, now valued at $1.86 trillion. Bitcoin has surpassed Google in market cap, breaking through $94,000 to reach its highest ranking ever.
The performance follows a previous peak when Bitcoin’s market cap exceeded $2 trillion, driven by a price of over $109,000. However, at that time, tech stocks were significantly higher than they are now.
Despite this, Bitcoin’s recent rise indicates a shift in market sentiment, with growing optimism fuelled by easing trade tensions between the US and China.
Bitcoin has also surpassed key resistance levels noted earlier in the week. Its breakout has not only outpaced major tech indices but has also set a new record across various asset classes. It suggests strong momentum for the digital currency.
Would you like to learn more about AI, tech and digital diplomacy? If so, ask our Diplo chatbot!
