Bitcoin Breaks $111K Barrier as Crypto Market Rallies Toward $3.5 Trillion Milestone
Bitcoin ($BTC) has once again seized the spotlight with a record-setting price move, climbing past $111,000 and setting a new all-time high at $111,970.17. Market momentum continues to build as $BTC sets its sights on breaching the $112K mark. The broader crypto landscape is riding this wave, with major altcoins like Ethereum ($ETH) and Dogecoin ($DOGE) showing impressive strength.
Altcoin Surge Accompanies Bitcoin's Climb
While Bitcoin hovers just below its next psychological barrier, Ethereum has surged 3.81% to reach $2,686.39, expanding its market share to 9.3%. Dogecoin is also experiencing bullish traction, rising 2.67% to $0.2474. These moves come amid a broader uptick in digital assets, even as traditional equity markets remain subdued.
Traditional Markets Wobble, Crypto Markets Charge Ahead
Despite a relatively flat performance in the stock markets — with the Dow down by 1.35 points and S&P 500 shedding 0.04% — the crypto sector remains a beacon of growth. Nasdaq, however, bucked the trend with a modest 0.28% gain. These mixed signals in traditional finance follow political developments, including the passage of a tax-cut bill backed by former U.S. President Donald Trump, renewing debt concerns.
Bitcoin and Ethereum Deliver Double-Digit Monthly Gains
The month of May has been particularly bullish for top cryptocurrencies. Bitcoin has posted an 18% monthly gain, while Ethereum has rocketed 47% higher. This aggressive upward trend has triggered over $300 million in liquidations, mainly from short sellers caught off-guard by the sharp rally.
Shorts Dominate on Binance Despite Bullish Trend
Interestingly, data from Binance reveals that a majority of traders are still betting against Bitcoin, maintaining short positions even as prices hit unprecedented highs. This bearish sentiment amidst a surging market hints at the potential for continued volatility and perhaps further upward pressure.
Crypto Market Cap Nears $3.5 Trillion Landmark
With a 1.67% uptick in total valuation, the global crypto market cap now stands at an estimated $3.5 trillion. This milestone reflects growing investor confidence and the expanding footprint of digital assets in the global financial ecosystem.