Bitcoin Hits New All-Time High At 110788.98, 3% Gain In 24 Hours

Bitcoin has reached a new all-time high, surpassing $110,000 for the first time. This milestone was achieved late on May 21, with the cryptocurrency hitting $110,788.98, according to TradingView. The surge marks a 3% gain over the past 24 hours, breaking through previous highs from earlier in the year.

This rally has been significant, with Bitcoin gaining around 17.5% so far this year. The cryptocurrency has also recovered from a slump to $75,000 on April 7, triggered by US President Donald Trump enacting sweeping tariffs that impacted global markets. The recent peak comes amidst volatility in US stock markets, which were rattled by a weak 20-year bond auction on May 21, sending treasury yields soaring and causing a drop in major US indexes.

Caroline Bowler, CEO of an Australian crypto exchange, noted that Bitcoin’s new high reflects a mature interest in digital assets worldwide, driven by institutional-grade infrastructure and stronger regulatory clarity. This shift in investor sentiment indicates a move towards institutional-style allocations, rather than the speculative surges seen in past cycles.

Despite the price surge, Google Trends data shows that searches for Bitcoin have been trending down since November, indicating low retail interest. However, the Crypto Fear & Greed Index was at a score of 72 out of 100 on May 22, suggesting a sentiment of "greed" in the market. This index has decreased from its high of 84 on Jan. 22, which followed Trump’s inauguration.

Edward Carroll, head of global markets and corporate finance at a digital group, predicted that growing demand could push Bitcoin to at least $160,000 by the fourth quarter of this year and $1 million by 2030. This forecast is based on the current trajectory and market sentiment, highlighting the potential for further price increases.

The surge in Bitcoin's price has also led to a historical shift, with more U.S. residents now owning BTC compared to gold. This indicates a growing preference for cryptocurrency as an investment asset and a store of value, reflecting the increasing acceptance of Bitcoin in the financial landscape.