Bitcoin price breaks through $122,000, setting a new record high, and its market value surpasses Amazon to rank fifth in the world

As of this writing, Bitcoin (BTC), the world’s largest cryptocurrency , has a market cap of $2.407 trillion, according to companiesmarketcap.com, with prices soaring to an all-time high of about $122,000 , surpassing Amazon, Silver, and Google. Gold currently tops the list with a market cap of $22.64 trillion, followed by Nvidia, Microsoft, and Apple.

Bitcoin's jump to a record high occurred on the night of Sunday to Monday. Bitcoin broke through $120,000 for the first time on Sunday night and reached $122,500 at 2 a.m. on Monday, continuing its upward trend.

Affected by the sharp rise of Bitcoin today, other mainstream cryptocurrencies have also benefited. In the past 24 hours, the price of Ethereum rose by 2.71%, breaking through $3,000; Ripple (XRP) rose by 4.82% to $2.91; Solana rose by 3.21% to $165.9. The GMCI 30 index, which measures the performance of the top 30 cryptocurrencies, rose by 3.6% in the past 24 hours.

Why did Bitcoin reach a new all-time high this time?

“This rally is not just driven by market momentum, it’s also driven by infrastructure development,” said Vincent Liu, chief investment officer at Kronos Research. He noted that the rally was driven by a combination of factors: institutional money flowing in through ETFs, policy developments in Washington and macro liquidity finally turning favorable.

According to data from SoSoValue, U.S. spot Bitcoin ETFs continue to see net inflows, with more than $16 billion flowing into related funds over the past few weeks.

Last week, US President Trump also said on social media that technology stocks, industrial stocks and the Nasdaq index have all reached historical highs, and called on the Federal Reserve to quickly cut interest rates to reflect this strong momentum.

The rise of Bitcoin is also related to policy easing. The legislative activities this week , known as "Crypto Week," also brought good expectations to the market . U.S. lawmakers will discuss and possibly advance key crypto proposals including the CLARITY Act and the GENIUS Act this week.

If the inflow of funds into spot Bitcoin, the improvement of the macro economy, the good expectations for encryption policies and the clearer signals of interest rate cuts from the Federal Reserve continue to exist, Bitcoin may have room for further growth.

"If ETF demand remains strong and expectations of rate cuts increase, Bitcoin could test the $130,000 to $150,000 price range by the end of this year. But the speed of the rise will also depend on whether retail investors re-participate in the market," said Vincent Liu, chief investment officer at Kronos Research.

Eugene Cheung, chief commercial officer of OSL exchange, also said he expects Bitcoin to reach $130,000 to $150,000 by the end of 2025.

What impact does the rising Bitcoin price have on DePIN?

Higher Bitcoin prices will have a broad impact on the entire cryptocurrency market, including the DePIN (Decentralized Physical Infrastructure Networks) sector . It will help improve investor information in terms of capital inflows and market sentiment, and more project funds will flow into the crypto market, including investment in DePIN projects.

The value growth of crypto assets such as Bitcoin will also invisibly attract more institutions or individuals to develop crypto ecosystems such as Bitcoin. In fact, the development and construction of infrastructure around Bitcoin has never stopped. More capital inflows will also drive the development of infrastructure such as smart contract platforms, decentralized storage solutions , distributed nodes, and related technology research and development, which will directly or indirectly promote the development of DePIN.

Volatility of crypto assets

Strictly speaking, crypto assets can be divided into pure crypto assets and composite crypto assets. Bitcoin, Ethereum, etc. are all pure online crypto assets, while Bitcoin ETF and DePIN tokens are composite crypto assets - they are all presented in the form of crypto assets on the chain through physical assets or physical assets mapping.

We see that Bitcoin ETF is an important driving factor for the rise of Bitcoin this time. This is a typical manifestation of the integration of on-chain finance and traditional finance, as Bitcoin gradually integrates with traditional finance to circulate the value of Bitcoin in the traditional financial field while retaining the high liquidity, security, privacy and traceability of on-chain finance.

This may indicate that Bitcoin's record high this time is related to the greater stability of its market value as it is integrated into traditional finance, and investors do not need to worry too much about the sharp volatility of the purely virtual market value of Bitcoin.

Vincent Liu, chief investment officer at Kronos Research, said : “If ETF inflows stagnate or policy uncertainty re-emerges, it could undermine the current good macro uptrend (of Bitcoin) .”

On the other hand, the market value of RWA or DePIN projects is anchored to and reflects the value of physical assets or real assets. Their tokens are more stable than Bitcoin, while also having the flexibility, liquidity, security and traceability of on-chain finance. In the future, we will see more market performance of the encrypted market value.

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