Bitcoin has officially shattered records once again, reaching an all-time high of $109,721 on CoinMarketCap this afternoon. The monumental surge comes after BTC spent the morning hovering around the $106K mark, only to gain momentum and smash previous highs.
As of now, Bitcoin is trading at $108,516, marking a 1.70% increase over the past 24 hours. The currency is trading at its highest point since its previous ATH of $109,400 on January 20th. Following months of retraction, the market-leading currency now appears to be reclaiming its bullish momentum.
But the action didn’t stop there. The 24-hour trading volume for Bitcoin skyrocketed, peaking at $80 billion traded in a single day as investors jumped into the trend. This surge in activity highlights the fierce market interest surrounding BTC’s current run, with traders rushing to either capitalize on the movement or reposition amid the chaos.
Investors who were betting against BTC reaching a new ATH ended up leaving the day with substantial losses. Nearly $98 million in short positions were liquidated as BTC soared past its previous ceiling, shaking out those betting against the cryptocurrency’s rise. The largest single liquidation order was recorded on Bybit’s BTCUSDT market, amounting to a $2.79 million wipeout, according to data from CoinGlass.
Bitcoin’s explosive rise has reignited discussions about where the market heads next. After experiencing serious turbulence post-Trump taking office—the digital assets market now appears to be finding renewed stability and momentum. Whether this sentiment will last remains to be seen, but for now, May 21st marks a historic day for cryptocurrencies.
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