Bitcoin has surged past $110,000 for the first time, setting a new all-time high of $111,600 late on May 22. The rally marks a 4% gain in just 24 hours, breaking its previous record of $109,458 earlier the same day. The cryptocurrency now eyes the $115,000 mark amid bullish sentiment.
The world’s largest cryptocurrency is now up 19% in 2025 and has soared 48% since falling to $75,000 on April 7. That dip came after US President Donald Trump imposed sweeping tariffs that shook global markets.
This new peak comes as US stock markets struggle. The S&P 500, Nasdaq, and Dow Jones all fell sharply on May 21 when a weak 20-year bond auction made treasury yields go up.
Caroline Bowler, CEO of BTC Markets, believes the rally highlights the maturity of the crypto market. “Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity,” she said. “It’s no longer a speculative craze.”
Interestingly, retail interest remains low. Google Trends shows Bitcoin searches have dropped to levels typical of bear markets. Yet, the Crypto Fear & Greed Index still reads “greed” with a score of 72.
Edward Carroll from MHC Digital believes the current momentum could push Bitcoin to $160,000 by Q4 and potentially $1 million by 2030. Meanwhile, Arthur Hayes, former CEO of BitMEX, predicts Bitcoin could reach $1 million by 2028, not due to Federal Reserve policies, but other macroeconomic factors.
Meanwhile, trader James Wynn placed a record-breaking $1.1 billion Bitcoin long on Hyperliquidity. The 40x leveraged bet is sitting on a $20 million unrealized profit and will be liquidated if BTC drops to $103,800.
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