Bitcoin continues rally to surpass $110K for the first time

Bitcoin has topped $110,000 for the first time in a recent rally that has seen it gain 3% over the past day to break through past price highs from earlier this year.

Bitcoin (BTC) hit a new all-time high of $110,788.98 on Coinbase late on May 21, just before 11:30 pm UTC, according to TradingView.

Bitcoin has gained around 3% over the last 24 hours, surpassing its all-time high of $109,458 that it hit earlier in the day, which was the first time it traded above its previously long-held Jan. 20 peak.

The world’s largest cryptocurrency has now gained 17.5% so far this year and is up 47% since its slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that tanked global markets.

Bitcoin’s new peak comes as US stock markets were rattled by a weak 20-year bond auction, which sent treasury yields soaring on May 21. The S&P 500 fell 80 points in half an hour while the Nasdaq and Dow Jones mirrored the move, with all US indexes trading down on the day. 

Caroline Bowler, CEO of the Australian crypto exchange BTC Markets, said in a note to Cointelegraph that Bitcoin’s new high “reflects a mature interest in digital assets worldwide, not the speculative surge seen in past cycles.”

“Today’s demand is driven by institutional-grade infrastructure and stronger regulatory clarity. Investor sentiment has shifted decisively, reflecting institutional-style allocations,” she added. 

According to Google Trends, searches for Bitcoin have been trending down since November and are at lows typical of crypto bear markets, indicating a low retail interest in the cryptocurrency.

Meanwhile, the Crypto Fear & Greed Index, which tracks market sentiment, was at a score of 72 out of 100 on May 22, indicating “greed.” The index is down from its 2025 high of 84 on Jan. 22, which came two days after Trump’s inauguration.

Related: How high can Bitcoin price go?

Edward Carroll, head of global markets and corporate finance at MHC Digital Group, told Cointelegraph in a note that growing demand driving the price higher in the medium-term could push Bitcoin to at least $160,000 by the fourth quarter of this year and $1 million by 2030.

Meanwhile, leverage trader James Wynn’s Bitcoin long position on the crypto platform Hyperliquidity has become the largest onchain margin trade when it exceeded $1.1 billion amid Bitcoin’s price peak. 

The entry point for the 40x leveraged position was $108,065 and it has an unrealized profit of $20 million. It will be liquidated if Bitcoin’s price falls to $103,800.

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