Bitcoin Hits Record High Above $109,000

The cryptocurrency market recorded modest gains on Wednesday as Bitcoin (BTC) hit a new all-time high.

BTC is currently trading above $109,000, up 4% on the day and 5% over the past week. The latest surge pushes its market capitalization to $2.1 trillion, according to CoinGecko. BTC’s previous high of around $108,000 was hit earlier this year following President Donald Trump’s inauguration.

Ethereum (ETH) rose 4% to $2,580, while Solana (SOL) climbed 4% to $172. XRP also posted gains, rising 3% to trade at $2.41.

The total cryptocurrency market capitalization increased by 1.3% on the day to $3.53 trillion. In the same time period, leveraged liquidations totaled $243 million, according to CoinGlass. BTC led liquidations with $70 million, followed by ETH at around $68 million.

On May 20, spot Bitcoin exchange-traded funds (ETFs) saw inflows of approximately $329 million, while Ethereum ETFs attracted $65 million, according to data from SoSoValue.

Bitcoin ATH

“Bitcoin has just reached a new all-time high, and technically, the barriers to further growth have been removed,” said Dr. Kirill Kretov from CoinPanel. “Liquidity has been significantly withdrawn from exchanges since late 2024, making the market thinner and more reactive.”

This means the price can move quickly with little effort, he added, noting that structurally, there’s room for explosive upside. Dr. Kretov attributed the recent price surge and broader market volatility to a combination of rising leverage among traders and growing institutional inflows via ETFs and private deals.

“Currently, Open Interest (OI) in BTC is pushing toward all-time highs, and this is happening alongside strong evidence of institutional participation, including ETF flows, large on-chain transactions, and OTC activity,” he said.

According to Dr. Kretov, in low-liquidity environments – which his blockchain analysis has indicated since November 2024 – elevated OI becomes significant. “It means more leverage is in the system, and it increases the probability of violent liquidation events, both upward and downward,” he said.

That said, uncertainty remains high, he cautioned, and “big players are not chasing price; they’re extracting profits from volatility, not betting unhedged in one direction.”