BTC’s market capitalization tops $2.2 trillion as ETH and SOL surge 7%.
Bitcoin continued to rally on Thursday, reaching one other all-time excessive above $111,000, whereas the broader cryptocurrency market skilled modest positive aspects.
After a roughly 2% achieve previously 24 hours, Bitcoin (BTC) is now buying and selling above $111,000 following a week-long rally. The most recent surge has pushed its market capitalization previous $2.2 trillion, in accordance with CoinGecko.
Ethereum (ETH) elevated 7% to $2,660, whereas XRP climbed 3% to $2.43. Solana (SOL) rose by 7% to $179.
The full cryptocurrency market capitalization elevated by 2.5% on the day to $3.64 trillion. In the identical timeframe, leveraged liquidations totaled $432 million, in accordance with CoinGlass. BTC accounted for roughly $165 million, adopted by ETH with round $117 million.
On Could 21, spot Bitcoin exchange-traded funds (ETFs) attracted roughly $609 million in inflows, whereas Ethereum ETFs recorded $587,000, in accordance with SoSoValue information.
Bitcoin Season
Paul Howard of Wincent attributes BTC’s newest rally to a number of elements and believes that extra positive aspects are seemingly within the coming months.
“There’s a mixture of things at play that has helped push BTC to new highs, and an extra transfer above $111,000 is inevitable,” Howard stated. “A part of this is because of a a lot friendlier U.S. regulatory setting than we have seen previously.”
He additionally pointed to improved macroeconomic sentiment over the previous three months, together with broader structural adjustments within the crypto area – significantly in how establishments can now interact with merchandise like ETFs, tokenization, real-world property (RWAs), stablecoins, and spot and derivatives markets.
“All these and the current flood of M&A exercise with IPO listings have arrange for what Wincent already described on file as a brand new ‘Purchase in Could and go away’ theme for Bitcoin,’ Howard stated.
Some Urge Warning
In the meantime, Dr. Kirill Kretov of CoinPanel cautioned that the current transfer is perhaps a false breakout moderately than a sustainable rally.
“Sure, Bitcoin has simply damaged above $111,000, however we ought to be cautious,” Kretov stated. “This is perhaps a entice. Structurally, the market has no actual resistance as a result of liquidity has been drained from exchanges since late 2024, making it simpler to maneuver costs with comparatively little capital. We noticed an identical setup in 2021 earlier than the final main bull run.”
Kretov argued that whereas the value surge seems spectacular, it lacks the basic assist of robust market participation.
“To essentially ship the market ‘to the sky,’ it wants gas, and that gas isn’t coming from institutional gamers proper now, as a result of they’re largely hedged,” he defined. “Retail is usually absent, and people nonetheless out there are on the lookout for exit factors. What this rally invitations is a recent wave of overleveraged speculators chasing highs and opening unhedged lengthy positions.”
