Crypto Market Nears UK GDP as Bitcoin Hits $123,000 Record

- Global crypto market capitalization hits all-time high of $3.8 trillion - Bitcoin surges to new peak of $123,000, driving market milestone On July 14, 2025, Cointelegraph reported that the global cryptocurrency market capitalization soared to an unprecedented $3.8 trillion as Bitcoin reached a record-breaking price of $123,000. This milestone establishes the crypto market as a formidable economic entity, bringing it close to overtaking the United Kingdom's GDP. As a result, if the crypto market were a nation, it would rank as the world's seventh-largest economy. Bitcoin spearheaded this historic climb, achieving an all-time high valuation and cementing its role as a financial powerhouse. With a market capitalization exceeding $2.4 trillion, Bitcoin has not only surpassed the GDP of Canada but also become the fifth-largest asset globally. Furthermore, Bitcoin has outpaced prominent assets such as Amazon, Silver, and Google, reinforcing its growing dominance within the financial ecosystem. Technical indicators also point to sustained upward momentum within the cryptocurrency market. For instance, the Supertrend indicator has issued a "buy" signal, which is a historically strong bullish cue for the sector. In addition, an inverse head-and-shoulders chart pattern suggests the aggregate market capitalization could reach a target of $4.45 trillion. Together, these signals highlight the robust trends underpinning the market's recent growth. According to data from CoinMarketCap, as of 21:09 UTC on July 14, Bitcoin (BTC) was trading at $120,039.76, reflecting a 0.921% increase in its 24-hour trading volume.