Bitcoin recently surpassed $1.86 trillion in market capitalization, overtaking tech giant Google to become the world's fifth-largest asset behind gold, Apple, Microsoft and Pfizer. The price of Bitcoin soared above $94,000, a new annual high.

The rally was driven by three main factors: the easing of trade tensions between the U.S. and China, large inflows into U.S. bitcoin ETFs, and increased holdings by institutional investors. on April 22, U.S. bitcoin ETFs saw a net inflow of $936 million, the highest one-day record since January. Among them, ARKB led the way with $267 million in inflows, while FBTC and IBIT recorded $254 million and $193.5 million respectively.

At the same time, MicroStrategy announced an additional $555 million in Bitcoin investments, bringing its total position to over 538,200 units, valued at over $50 billion.

Dramatic market volatility caused the cryptocurrency market to clear more than $600 million in 24 hours, a surge of $1,30% from the previous day.The market is in the midst of 'Bitcoin Season', despite the simultaneous rise in competing currencies such as Ether and Solana.

On the macroeconomic front, the U.S. President said he would significantly reduce tariffs on Chinese goods, and the news that Federal Reserve Chairman Colin Powell would remain in office also stabilized market sentiment. Traditional stock markets rose in tandem, with the S&P 500, Nasdaq and Dow Jones all gaining more than 2.5%.

Analysts say Bitcoin's next market capitalization target is Phaidon ($2.4 trillion). Bitcoin's market dominance continues to strengthen as the cryptocurrency's total market capitalization stabilizes at $3 trillion.

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