OKX Market Watch: Bitcoin Shatters Records at $124K, Surpasses Alphabet in Market Cap

In a historic rally, Bitcoin has surged past $124,000, setting a new all-time high and achieving a market capitalization of $2.457 trillion. This milestone positions Bitcoin as the fifth-largest global asset, overtaking tech giant Alphabet. Ethereum also showed strong performance, climbing 3.44% to cross $4,700. The cryptocurrency market continues to demonstrate its growing dominance in the financial sector, with investors increasingly viewing digital assets as a cornerstone of modern portfolios. As of August 14, 2025, the bullish momentum shows no signs of slowing down, further solidifying cryptocurrencies' role in the global economy.

Bitcoin Surges Past $124K to Record High, Overtakes Alphabet in Market Value

Bitcoin shattered expectations by breaching the $124,000 mark, setting a new all-time high and cementing its position as the fifth-largest global asset with a market capitalization of $2.457 trillion. The flagship cryptocurrency's 3.58% daily gain propelled it past tech giant Alphabet, underscoring its growing dominance in financial markets.

Ethereum mirrored the bullish sentiment, climbing 3.44% to cross $4,700. Layer-2 scaling solutions emerged as standout performers, with Arbitrum and zkSync posting gains exceeding 16%. Meme tokens TRUMP and Fartcoin rallied 7% and 10% respectively, while OKB skyrocketed 132.71% following OKX's announcement of a significant token burn.

The broader crypto market continues to show strength, with institutional adoption and technological advancements driving momentum across sectors. This rally marks a watershed moment for digital assets as they increasingly compete with traditional financial heavyweights.

OKB Soars 221% to Record High After Token Burn Announcement

OKB surged to an all-time high of $148.9 following OKX's disclosure of a 65.2 million token burn, marking a 221% rally from its recent low. The exchange's supply cap reduction to 21 million tokens coincided with a zkEVM chain upgrade using Polygon's CDK technology.

Trading volume exploded 17,150% to $1.3 billion as market capitalization briefly touched $8 billion. Such concurrent spikes in liquidity and network activity typically signal strong institutional interest rather than speculative trading.

The one-time burn transaction, scheduled for August 2025, will draw from historical repurchases and treasury reserves. This supply shock strategy mirrors Bitcoin's scarcity model, potentially positioning OKB as a deflationary asset in the exchange token sector.