Bitcoin Surpasses $120,000, Ranks 5th in Global Assets [Comprehensive]

[Financial News] The price of Bitcoin surpassed $120,000 for the first time on the 14th, ranking 5th among global assets.
According to the global market capitalization aggregation platform CompaniesMarketCap, Bitcoin's market capitalization was recorded at $2.417 trillion (about 3,333 trillion won). It ranks 5th among global assets, following the market capitalizations of gold, NVIDIA, Microsoft (MS), and Apple.
Bitcoin's market cap has also surpassed that of other big tech companies like Amazon, Alphabet (Google), and Meta (Facebook), as well as the market cap of silver. On this day, it also exceeded the combined market cap of the domestic stock markets such as KOSPI, KOSDAQ, and KONEX, which surpassed 3,000 trillion won.
The reason behind Bitcoin's surge of over 14% this month, reaching up to $122,000, is analyzed as 'Crypto Week'. The U.S. Congress designated a week starting from the 14th (local time) as Crypto Week to focus on discussing virtual asset-related legislation. Previously, French Hill, Chairman of the U.S. House Financial Services Committee, announced in a statement that "the entire U.S. House will vote on the CLARITY Act, which clarifies the regulatory authority of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over virtual assets, as well as the GENIUS Act for stablecoins and the CBDC prohibition bill."
The legislative support for former President Donald Trump's 'Digital Asset Roadmap' is accelerating, leading to expectations for entry into the domestic and international regulatory framework, which is affecting investor sentiment. Kim Doo-eon, a researcher at Hana Securities, said, "The three bills to be discussed in the House are significant in that they provide a clear regulatory framework," adding, "If the U.S. sets a global standard, Korea will also move towards institutionalization accordingly."
In particular, from an investment perspective, Crypto Week is analyzed as a catalyst for the shift of the most purchased stocks by retail investors from existing big tech (M7) to stablecoins. Kim said, "The fact that Bitcoin is reaching an all-time high and that the most purchased stock by retail investors is Circle, the issuer of the global stablecoin USDC, suggests that digital assets like stablecoins are emerging as a trend beyond a theme, indicating that the global liquidity environment continues."
elikim@fnnews.com Kim Mi-hee Reporter