Bitcoin Surges Past $109,000 to New Record High
On the evening of May 21, Bitcoin prices soared above $109,000, setting a new all-time high. On Binance, the rate reached $109,460.
During the previous ATH on January 20, the peak price on the platform was $109,312.
According to CoinGecko, the weighted average price of the digital gold across exchanges reached $108,924, marking a new record. The asset gained 4% in a day, outpacing most top-10 altcoins by market capitalization.
The cryptocurrency market capitalization rose to $3.54 trillion, with Bitcoin’s dominance exceeding 61%.
The daily maximum recorded by CoinGecko was $109,565. On Binance, quotes exceeded $109,786.
The cryptocurrency attempted to break above $109,000 earlier in the day, around the start of the European trading session. However, prices subsequently retreated to around $106,000.
Analysts at CryptoQuant noted the continuation of Bitcoin’s consolidation phase, highlighting a $3 billion increase in the asset’s realized capitalization over the past day. Experts saw this as a sign of bullish momentum.
CoinDesk’s co-managing editor Omkar Godbole, based on six metric charts, concluded that the first cryptocurrency has a solid technical foundation for growth.
Earlier, Standard Chartered predicted Bitcoin’s price would reach $120,000 in the second quarter and urged investors to buy the asset.
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