Bitcoin (BTC) continues its historic price rally, soaring past $120,000 earlier today and surpassing e-commerce giant Amazon’s $2.38 trillion market capitalization. The flagship cryptocurrency now ranks just behind gold, Nvidia, Microsoft, and Apple in terms of market cap.

According to a recent X post by crypto analyst Crypto Rover, Bitcoin has officially overtaken Amazon in total market capitalization. The analyst shared the following chart, showing BTC with a $2.43 trillion market cap at a price of $122,304, compared to Amazon’s $2.38 trillion.

The chart also indicates that BTC is inching closer to Apple, which currently holds a market cap of $3.15 trillion. Gold remains the top global asset, commanding a massive $22.64 trillion valuation.

Several factors appear to be driving Bitcoin’s explosive rally. Chief among them is the surge in institutional interest, which is nearing all-time high (ATH) levels.

In a separate post, crypto analyst Mister Crypto noted that crypto investment products saw inflows of $3.7 billion last week – marking the second-largest weekly inflow ever. The analyst described this as an “extremely bullish signal.”

Meanwhile, data from SoSoValue reveals that total net assets held in spot Bitcoin exchange-traded funds (ETFs) have reached $150 billion – representing over 6.4% of BTC’s total market capitalization.

As Bitcoin gains traction as a reliable store of value, more corporations are adding BTC to their treasuries. For instance, Michael Saylor’s Strategy remains the largest corporate holder of Bitcoin and continues to expand its position.

The company announced today that it had acquired an additional 4,225 BTC for $472.5 million at an average price of $111,827 per BTC. MicroStrategy now holds 601,550 BTC, valued at $42.87 billion at an average cost of $71,268 per coin.

Similarly, Japanese investment firm Metaplanet – often dubbed “Asia’s Strategy” – revealed it had purchased 800 BTC. The company now holds 16,532 BTC and has set an ambitious target to accumulate 210,000 BTC by the end of 2027.

A recent report from institutional research firm Blockware Intelligence predicts that as many as 36 more companies could add BTC to their balance sheets by the end of 2025. This is likely to further cement BTC as a reliable store of value.

Adding to the bullish outlook, Bitcoin’s available supply on crypto exchanges continues to decline amid growing demand. This supply squeeze could further propel prices higher in the near term. At press time, BTC trades at $121,062, up 2% in the past 24 hours.