Bitcoin has reached a new milestone, surpassing the $110K mark for the first time ever. This significant leap, representing a 3% increase from the previous day, has shattered previous record levels set earlier this year.
In a late-night trading session on May 21, Bitcoin (BTCUSD) reached an unprecedented peak of $110,788.98 on Coinbase just before 11:30 pm UTC, according to data from TradingView.
Over the last 24 hours, Bitcoin’s value has increased by around 3%, surpassing its previous all-time high of $109,458. This marks the first instance of Bitcoin trading above its long-standing peak from January 20.
Bitcoin, the world’s leading cryptocurrency, has seen a 17.5% increase this year alone and a 47% increase since its dip to $75,000 on April 7. This decrease was spurred by global market instability following the broad tariffs implemented by former US President Donald Trump.
The new peak was achieved amidst a turbulent US stock market environment, marked by a weak 20-year bond auction that led to a significant increase in treasury yields on May 21. Notably, the S&P 500, Nasdaq, and the Dow Jones all recorded downturns on the day.
Caroline Bowler, CEO of Australian crypto exchange BTC Markets, shared with Cointelegraph that Bitcoin’s new high is indicative of a “mature interest in digital assets worldwide,” differing from the speculative surges observed in previous cycles.
She further emphasized that the current demand is driven by “institutional-grade infrastructure and stronger regulatory clarity,” leading to a decisive shift in investor sentiment towards institutional-style allocations.
Interestingly, despite the record-breaking rally, Google Trends indicates a declining interest in Bitcoin among retail investors, with search volumes at lows typical of crypto bear markets.
Furthermore, the Crypto Fear & Greed Index, a tool that gauges market sentiment, recorded a score of 72 out of 100 on May 22, implying “greed.” This figure is substantially lower than its 2025 high of 84 recorded on January 22, two days post-Trump’s inauguration.
Edward Carroll, head of global markets and corporate finance at MHC Digital Group, anticipates that the growing demand could potentially drive Bitcoin’s price to a minimum of $160,000 by Q4 of this year and possibly $1 million by 2030.
In related news, leverage trader James Wynn’s Bitcoin long position on the crypto platform Hyperliquidity has become the largest onchain margin trade, exceeding $1.1 billion amidst Bitcoin’s price peak. The 40x leveraged position, entered at $108,065, has an unrealized profit of $20 million and will be liquidated if Bitcoin’s price drops to $103,800.
