Bitcoin Breaks $110,000 for the First Time Amid Market Rally
Bitcoin has crossed the $110,000 mark for the first time ever, gaining 3% in the past 24 hours and setting a new all-time high of $110,788 on Coinbase late May 21, according to data from TradingView.
The milestone comes after Bitcoin surpassed its earlier record of $109,458 set earlier the same day, breaking through its previous peak from January. The world’s largest cryptocurrency is now up 17.5% year-to-date and has surged 47% since its April low of $75,000, which followed a sharp market downturn triggered by U.S. tariffs announced by President Trump.
The rally comes as traditional markets show signs of strain. On May 21, a weak 20-year U.S. Treasury bond auction sent yields soaring, dragging major stock indexes—including the S&P 500, Nasdaq, and Dow Jones—into the red.
Despite Bitcoin’s sharp rise, retail investor interest remains muted. Google Trends data shows search activity for Bitcoin is at bear-market levels, even as institutional interest appears to be driving the rally.
“Today’s price action reflects a more mature and institutional-led market,” said Caroline Bowler, CEO of BTC Markets. “This isn’t the retail-fueled surge of past cycles—it’s supported by stronger infrastructure and clearer regulations.”
Market sentiment remains high, with the Crypto Fear & Greed Index registering 72 out of 100—indicating a ”greed” reading, though still lower than the year’s peak of 84 seen in January.
Experts believe the rally could still have room to run. Edward Carroll, head of markets at MHC Digital Group, forecasts Bitcoin could hit $160,000 by the end of 2025 and possibly reach $1 million by 2030 if current trends hold.
Meanwhile, a record-breaking leveraged position has drawn attention in the crypto space. A trader named James Wynn has taken a $1.1 billion long position on Bitcoin using 40x leverage via the platform Hyperliquidity. Entered at $108,065, the position now shows an unrealized profit of $20 million but faces liquidation if the price drops to $103,800.
Featured image from: cointelegraph.com