Bitcoin (BTC) has officially overtaken Alphabet (Google) to become the world’s fifth most valuable asset by market capitalization.

As of April 23, Bitcoin’s market cap had surged to $1.87 trillion, edging past Alphabet’s $1.859 trillion valuation, according to asset ranking data. BTC is now only behind gold, Apple, Microsoft, and Nvidia.

Top assets by market cap. Source: CompaniesMarketCap.com

Bitcoin beats Nasdaq 100 returns in April

Bitcoin’s edge over Alphabet coincides with an ongoing “decoupling” from its long-standing correlation with US tech stocks, especially in April, wherein BTC’s price has rallied 15% despite Nasdaq 100’s returns of 4.50% in the same period.

BTC/USD and Nasdaq 100 price comparison chart. Source: TradingView

This decoupling follows months of disappointment for crypto bulls, who expected a stronger post-election rally.

Even with April’s gains, BTC’s price remains 16% below its $109,000 all-time high set in January, the day Trump was re-inaugurated as the US president.

Source: Geiger Capital

Trump’s recent criticism of Federal Reserve Chair Jerome Powell and his executive order to create a Strategic Bitcoin Reserve (SBR)—which is nearing its 60-day review window in less than two weeks—is helping reignite investor interest in crypto.

Related: Bitcoin could hit $1M if US buys 1M BTC — Bitcoin Policy Institute

“Chatter questioning Fed independence is having positive spillover effects on BTC,” said Vetle Lunde, head of research at K33.

Macro analyst Fejau stressed that capital outflows from US assets will likely benefit Bitcoin given countries can’t tariff it — and that it “provides high beta to a portfolio without the current tail risks associated with US tech.”

“This market regime is what Bitcoin was built for,” he wrote, adding:

“One the degrossing dust settles, it will be the fastest horse out of the gate.

Bitcoin market worth more than two Teslas

Alphabet is facing headwinds in the form of regulatory crackdowns, antitrust challenges, and a slowdown in digital ad revenue. The rise of AI-focused rivals and reduced growth projections have also dented confidence in Google’s long-term dominance.

Source: The Japan Times

To put Bitcoin’s $1.87 trillion valuation into perspective, it’s now worth more than two Teslas.

The EV giant famously added Bitcoin to its balance sheet in early 2021, when it was trading for around $33,500. It is now sitting on around 180% gains worth over $1 billion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.