Bitcoin is back in the spotlight, this time not just for its price action, but for climbing the ranks of the world’s most valuable assets.
The asset surged past $123,000 today, pushing its market capitalization to $2.4 trillion and overtaking Amazon, Google, and silver in the process, per data from CompaniesMarketCap.
Only gold, NVIDIA, Microsoft, and Apple now sit ahead in global asset rankings, with gold still leading at over $22 trillion.
Bitcoin’s surge boosts altcoins, liquidates shorts
Bitcoin’s latest rally began late Sunday, breaching the $120,000 mark for the first time before continuing its climb to a high above $123,000 today.
The move represents more than a 10% gain over the past week alone. Ethereum also followed suit, trading above $3,000 after a 17.5% weekly gain.
XRP saw one of its strongest performances in months, reaching $2.97 after surging nearly 30%, while Solana posted a 9.3% rise, peaking at $167.80.
These sharp price movements have not been without consequence.
In the last 24 hours, over 128,000 traders were liquidated, totaling $732.54 million in losses, according to data from Coinglass.

Of that, short positions accounted for the bulk at $614.89 million, reflecting the market’s surprise upside. Bitcoin alone saw $468.80 million in liquidations, followed by Ethereum with $81.14 million and XRP with $20.80 million.
Big bets and bigger losses
One of the largest liquidation events occurred on Binance, where a single BTC-USDT order worth $98.10 million was wiped out.
Bybit and Binance collectively led the pack in overall exchange-based liquidations, posting $240.77 million and $213.61 million respectively.
The data reveals a consistent trend: traders expecting downside are getting caught off guard by Bitcoin’s renewed momentum.