The market cap of the world’s first cryptocurrency, Bitcoin, surpassed that of retail and tech behemoth Amazon on “Bitcoin Pizza Day.”

Market data shows that Bitcoin (BTC) had a market cap of $2.205 trillion at the time of writing, $70 billion more than the $2.135 trillion Amazon valuation.

“By surpassing Amazon in terms of capitalization, Bitcoin has attracted even more attention from the non-crypto audience,” said Alex Obchakevich, founder of Obchakevich Research.

Obchakevich said the latest rally “will strengthen confidence in Bitcoin and lead to new injections into the crypto market.” The surge came as Bitcoin set a new all-time high and traded above $110,000, which Obchavich said will “attract new investors to large funds.”

Obchakevich noted that institutional players continue to expand their role in the digital asset space:

“In May, BlackRock became the second largest bitcoin holder after Satoshi Nakamoto, surpassing Binance in this indicator.”

Hassan Khan, the CEO of Bitcoin liquidity platform Ordeez, told Cointelegraph that “this is a structural change.” He explained that “Bitcoin is no longer simply a hedge, it’s in the process of becoming a benchmark currency.”

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The crypto market approaches new highs

According to CoinMarketCap data, the total cryptocurrency market cap stood at $3.49 trillion at the time of writing. While high, this is still nearly 6% lower than the all-time high of $3.71 trillion reported at the end of 2024.

Total crypto market cap one-year chart. Source: CoinMarketCap

More CoinMarketCap data shows that Bitcoin exchange-traded funds (ETFs) saw nearly $604 million of net inflows on May 21. The current open interest on crypto derivatives is $756.16 billion for perpetual swaps and $3.24 billion for futures. Looking into the future, Obchakevich shared his view on Bitcoin’s direction:

“We are moving gradually towards $200,000, with gradual adjustments. I am sure that this year we will see Bitcoin at $150,000 and $90,000.“

Khan said that “large net inflows to ETFs and increasing open interest demonstrate that institutional confidence is growing.” Looking forward, he said:

“Short term profit taking and macro rate uncertainty are tempering momentum. But below-the-surface metrics […] point to continued high conviction. The foundation is more solid than in any other cycle before it.“

Related: BlackRock’s Bitcoin ETF notches 2-week high inflow as BTC nears $112K

Today is a special day for Bitcoin

Today, May 22, is “Bitcoin Pizza Day,” a recurrence commemorating May 22, 2010, when programmer Laszlo Hanyecz made the first documented purchase of goods using Bitcoin, paying 10,000 BTC for two Papa John’s pizzas.

“What was once considered a highly speculative risk has evolved into a serious asset class,” said Ulli Spankowski, chief digital officer at Boerse Stuttgart Group.

Spankowski added that, nowadays, Bitcoin “boasts a market capitalization of over 2 trillion US dollars, ranking it as the fifth-largest asset globally, behind gold and the three largest publicly traded companies.”

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The Federation Internationale de Football Association (FIFA) has selected Avalanche to power its dedicated blockchain network for non-fungible tokens and digital fan engagement, the organization announced on May 22.

FIFA’s layer-1 (L1) blockchain will be powered by the Avalanche network’s scalability-focused infrastructure for the association’s five billion fans worldwide.

The move comes nearly a month after FIFA announced its initial plans to launch a new network for its blockchain-based collectibles. AvaCloud’s Ethereum Virtual Machine (EVM) compatibility will enable smoother integration with decentralized wallets and applications.

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The move will enable FIFA to deliver “unique digital collectibles and immersive fan experiences, powered by the speed, scalability, and EVM compatibility,” according to Francesco Abbate, CEO of Modex and FIFA Collect.

“The decision was based on a rigorous analysis of key factors including performance, security, transaction fees, customizability, and scalability,” Abbate stated in a May 22 announcement shared with Cointelegraph.

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FIFA Collect begins migration to Avalanche

As part of the rollout, FIFA will migrate its NFT marketplace and NFT collection, FIFA Collect, to the new Avalanche-powered FIFA Blockchain.

FIFA added that “future plans and business cases are planned but not yet publicly disclosed.”

Following the migration, external Algorand-based wallets such as Pera and Defly will no longer be supported. Instead, users will be able to connect to FIFA Collect via MetaMask or other EVM wallets that support WalletConnect.

FIFA launched its NFT collection ahead of the 2023 Club World Cup in Saudi Arabia in collaboration with blockchain firm Modex.

Source: EntertheMythos

In November 2024, FIFA partnered with blockchain gaming studio Mythical Games to launch FIFA Rivals, a free-to-play soccer game for iOS and Android.

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Crypto awareness in Singapore has reached an all-time high, with 94% of respondents in a recent survey indicating familiarity with at least one digital asset.

However, actual ownership has declined, falling from 40% in 2023 to 29% in 2024, according to Independent Reserve’s fifth annual Singapore Crypto Market Survey released on May 21.

The survey, conducted in February with 1,500 participants, revealed that men remain more active in crypto investing than women, 35% compared to 24%.

Millennials and Gen X (aged 25–54) dominate the investor base, comprising 71% of all holders. Among those trading at least once a week, 76% fall into this age group.

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Half of Singaporean investors plan to increase holdings

Despite the decline in ownership, sentiment remains strong. Over half of current holders (53%) plan to increase their positions in the next 12 months, and 17% of non-holders expressed interest in entering the market.

Bitcoin (BTC) continues to be the anchor of the crypto market in Singapore. It is held by 68% of crypto investors and viewed by 86% as either a currency, store of value or investment asset. Notably, 77% believe Bitcoin will be worth over $100,000 by 2030.

Direct ownership remains the preferred method of exposure, with 61% choosing to hold their assets directly instead of through exchange-traded funds (ETFs).

Arbitrage trading is also on the rise, with 67% of respondents saying they had sold part or all of their holdings to capitalize on price swings in the past year.

Bitcoin is the most recognized crypto in Singapore, with 91% awareness, followed by Ethereum at 54%, Dogecoin at 41%, Shiba Inu at 23%, and Solana at 22%. Source: Independent Reserve

Meanwhile, 46% of investors hold stablecoins, primarily for trading and DeFi activities, with 83% of these tied to the US dollar.

Memecoins remain a speculative corner of the market, with 28% of respondents holding at least one, with Dogecoin (DOGE) being the most popular.

Related: Singapore Exchange to list Bitcoin futures in H2 2025: Report

Singapore becomes a global crypto hub

Singapore has cemented its role as a global hub for blockchain and cryptocurrency development, according to a December 2024 report by ApeX Protocol.

The study said Singapore leads the world with 1,600 blockchain patents, 2,433 crypto-related jobs, and 81 active cryptocurrency exchanges.

Hong Kong placed second, with 890 blockchain patents, 1,163 jobs in the sector, and 52 crypto exchanges, reflecting the city’s continued push in the digital asset space.

In 2024, Singapore doubled down on its regulatory momentum. The Monetary Authority of Singapore issued 13 major payment institution licenses to crypto exchanges, more than twice the number granted in 2023.

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