Bitcoin Jumps To New All-Time High, Surpassing Prior Record In January
Bitcoin rose to a new all-time high on Wednesday, breaking its January record.
The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,500.
After languishing for several weeks amid tariff-related uncertainty, bitcoin's price has been steadily climbing in May, up 16% so far this month. Cumulative inflows into ETFs tracking the price of bitcoin surpassed $40 billion last week and have seen just two days of outflows in May. The cryptocurrency has benefited from both liquidity in the stock market, giving a boost to risk assets, as well as recent risk-off scenarios related to concerns about tariffs and deficits in the U.S. that have driven gains in gold as well as bitcoin.
On-chain data also shows lower selling pressure as indicated by bitcoin inflows into exchanges and increased liquidity in the crypto market as measured by new records of the amount of Tether stablecoin USDT, a gauge of crypto market liquidity, sitting on exchanges, according to CryptoQuant.
Investors have been expecting upcoming catalysts, including regulatory updates as well as corporate treasury investments, to drive bitcoin prices higher, according to Steven Lubka, head of private clients and family offices at Swan Bitcoin. Since the beginning of the year, the number of bitcoins held by public companies has grown 31% to about $349 billion, according to Bitcoin Treasuries. That comprises 15% of the total bitcoin supply.
The latest bull rally brought Bitcoin higher than its previous ATH on January 20 at $109,114.88, which followed the crypto market rally starting in November. So far, Bitcoin has risen 24.10% during the last 30 days and 55.73% in one year.
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