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Bitcoin (BTC) has become the fifth-largest asset by market capitalization, reaching $1.86 trillion and surpassing Google (GOOG) as it breaks through $94,000.

This marks the highest position bitcoin has ever attained in the rankings, even though its market cap previously exceeded $2 trillion when its price was over $109,000. At that time, however, tech stocks were significantly more elevated than they are at the moment.

Bitcoin has just broken above $94,000, turning positive for the year. Renewed optimism is emerging amid easing tensions in the U.S.–China tariff trade war, which has fueled gains for both bitcoin and tech stocks, with Nasdaq futures rising 2%.

Technically, bitcoin has now moved above key resistance levels that were noted on Tuesday. Additionally, it has set a new record relative to the Nasdaq , indicating a breakout not only against major tech indices but also across a range of key asset classes.