BTC’s market capitalization tops $2.2 trillion as ETH and SOL surge 7%.
Bitcoin continued to rally on Thursday, reaching another all-time high above $111,000, while the broader cryptocurrency market experienced modest gains.
After a roughly 2% gain in the past 24 hours, Bitcoin (BTC) is now trading above $111,000 following a week-long rally. The latest surge has pushed its market capitalization past $2.2 trillion, according to CoinGecko.
Ethereum (ETH) increased 7% to $2,660, while XRP climbed 3% to $2.43. Solana (SOL) rose by 7% to $179.
The total cryptocurrency market capitalization increased by 2.5% on the day to $3.64 trillion. In the same timeframe, leveraged liquidations totaled $432 million, according to CoinGlass. BTC accounted for approximately $165 million, followed by ETH with around $117 million.
On May 21, spot Bitcoin exchange-traded funds (ETFs) attracted approximately $609 million in inflows, while Ethereum ETFs recorded $587,000, according to SoSoValue data.
Bitcoin Season
Paul Howard of Wincent attributes BTC’s latest rally to multiple factors and believes that more gains are likely in the coming months.
“There is a combination of factors at play that has helped push BTC to new highs, and a further move above $111,000 is inevitable,” Howard said. “Part of this is due to a much friendlier U.S. regulatory environment than we’ve seen in the past.”
He also pointed to improved macroeconomic sentiment over the past three months, along with broader structural changes in the crypto space – particularly in how institutions can now engage with products like ETFs, tokenization, real-world assets (RWAs), stablecoins, and spot and derivatives markets.
“All these and the recent flood of M&A activity with IPO listings have set up for what Wincent already described on record as a new ‘Buy in May and go away’ theme for Bitcoin,’ Howard said.
Some Urge Caution
Meanwhile, Dr. Kirill Kretov of CoinPanel cautioned that the recent move might be a false breakout rather than a sustainable rally.
“Yes, Bitcoin has just broken above $111,000, but we should be cautious,” Kretov said. “This might be a trap. Structurally, the market has no real resistance because liquidity has been drained from exchanges since late 2024, making it easier to move prices with relatively little capital. We saw a similar setup in 2021 before the last major bull run.”
Kretov argued that while the price surge looks impressive, it lacks the fundamental support of strong market participation.
“To really send the market ‘to the sky,’ it needs fuel, and that fuel isn’t coming from institutional players right now, because they’re largely hedged,” he explained. “Retail is mostly absent, and those still in the market are looking for exit points. What this rally invites is a fresh wave of overleveraged speculators chasing highs and opening unhedged long positions.”
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