Bitcoin (BTC) has climbed to become the world’s fifth most valuable asset by market capitalization, overtaking tech giant Alphabet, the parent company of Google.
As of April 23, Bitcoin’s market cap reached $1.87 trillion, narrowly surpassing Alphabet’s $1.859 trillion, according to recent asset ranking data.
The leading cryptocurrency now trails only gold, Apple, Microsoft, and Nvidia in global value standings.
Bitcoin Hits Milestone as It Breaks Away from U.S. Tech Stock Correlation
The milestone comes amid Bitcoin’s growing independence from U.S. tech stocks.
In April alone, BTC gained 15%, significantly outperforming the Nasdaq 100’s 4.5% return.
The divergence marks a clear shift from Bitcoin’s historical correlation with tech equities, offering renewed optimism for crypto investors after months of underperformance.
Despite the rally, Bitcoin remains 16% below its all-time high of $109,000, recorded in January following Donald Trump’s re-election.
However, Trump’s recent actions—including criticism of Federal Reserve Chair Jerome Powell and an executive order establishing a Strategic Bitcoin Reserve (SBR)—have fueled renewed investor confidence as the SBR approaches its 60-day review period.
“Questions around Fed independence are creating positive momentum for Bitcoin,” noted Vetle Lunde, head of research at K33.
Macro analyst Fejau echoed this sentiment, suggesting that capital outflows from traditional U.S. assets could further boost BTC, highlighting Bitcoin’s resilience against tariffs and its role as a high-beta asset without the risks tied to tech stocks.
“This is the kind of environment Bitcoin was designed for,” Fejau wrote, predicting that once current market volatility subsides, Bitcoin will lead the next growth phase.
Meanwhile, Alphabet faces mounting challenges, including regulatory scrutiny, antitrust pressures, and slowing digital ad revenues.
The rise of AI-centric competitors and tempered growth forecasts have also weighed on investor sentiment toward the tech giant.
For perspective, Bitcoin’s $1.87 trillion valuation now exceeds the combined value of two Tesla companies.
Tesla, which added Bitcoin to its balance sheet in early 2021 at around $33,500 per coin, is currently sitting on gains of approximately 180%, translating to over $1 billion in value.
Bitcoin Surges Past $93K as Trump Eases Fed and Tariff Concerns, ETF Inflows Boost Rally
Bitcoin climbed above $94,000 on Tuesday after President Trump clarified he had no plans to dismiss Federal Reserve Chair Jerome Powell, easing investor fears over Fed independence.
Trump’s softer stance on China tariffs further fueled market optimism, helping Bitcoin extend its rally, which had already begun earlier in the day.
At the time of writing, Bitcoin is trading at $93,750, up by more than 4% over the past day, according to data from CoinMarketCap.
Meanwhile, institutional interest is rebounding, with U.S. spot Bitcoin ETFs recording $719 million in net inflows over two days, signaling renewed confidence.
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