Bitcoin just smashed through its previous all-time high and went straight past $122,000 without breaking a sweat.

The surge now ranks Bitcoin alongside some of the world’s largest companies by market value.

At a market capitalisation north of $2.4 trillion, the cryptocurrency is now worth more than the e-commerce giant Amazon.

Analysts at London Crypto Club say the move confirms Bitcoin’s entry into the “banana zone,” a parabolic stage of the bull market driven by heavy demand, liquidity, and sudden breakouts.

“We finally broke the $110,000 to $112,000 resistance zone with an incredibly powerful demand dynamic at play,” the group wrote in a Monday blog post.

That dynamic includes a steady flow of capital into spot price exchange-traded funds, a spree of corporate treasury buying, and expectations of rate cuts later this year.

Meanwhile, traders are piling into upside bets.

Traders have already placed nearly $900 million in options targeting at least $140,000 by September, a 15% gain from here.

The latest move comes on the heels of the second-largest investment into spot Bitcoin exchange-traded funds.

Last week, the top 11 Bitcoin ETFs recorded just over $2.7 billion in inflows, according to data from SoSoValue.

Data pointed out by ETFStore president Nate Geraci shows two of the seven $1 billion inflow days since their 2024 launch happened last Thursday and Friday.

Still, not everyone is celebrating the rally.

Nearly $600 million in short positions — bets that Bitcoin’s price would fall — were liquidated in the past 24 hours.

Crypto market movers

• Bitcoin has gained 3.8% in value over the past 24 hours and is trading at $122,415.
• Ethereum is up 2.3% in the same period to $3,030.

What we’re reading

Kyle Baird is DL News’ Weekend Editor. Got a tip? Email at kbaird@dlnews.com.