New All-Time High: Bitcoin Surpasses $111,000

Bitcoin has done it again: Less than half a year after its last all-time high, Bitcoin breaks its own record prices. At more than $111,000, Bitcoin is worth more than ever before. And this happens on Bitcoin Pizza Day.

Every profession has words it loves and others it hates. For us Bitcoin journalists, “all-time high” and “pizza” are probably two of the most enjoyable words to type. And fortunately, we keep getting the pleasure of using them.

For example, today is the perfect opportunity to say both all-time high and pizza. On Bitcoin Pizza Day, which celebrates that Laszlo Hayek paid for a pizza with Bitcoin for the first time ever on May 22—now 15 years ago, and at a whopping price of 10,000 bitcoins—Bitcoin breaks a new all-time high.

After dropping below $70,000 in April, the cryptocurrency saw a consistent rise throughout May. Now, as the month draws to a close, it has set a new record. It happened this morning, just before six o’clock, at approximately $111,760. That is, for now, our new benchmark.

The pizza that Laszlo bought 15 years ago has thus become worth more than one billion dollars.

The euro all-time high is more difficult to grasp. In January, the price stayed above 100,000 euros for several days—today it is still under 98,000. It’s not much of a difference, but it’s still short of the mark.

The reason is simple: back in January, the euro’s exchange rate had dropped as low as $1.02, while it has now risen to $1.13 and stands much stronger. But presumably, it’s just a matter of time before Bitcoin also reaches a new all-time high in euros.

Bitcoin, once again, stands stronger than ever before. And when Bitcoin is strong, the crypto market is also strong. Or is it?

At its core, the old rule still applies that Bitcoin pulls all other cryptocurrencies along with it. But there are some caveats. Firstly, the total market capitalization of all cryptocurrencies has not yet reached a new all-time high. It’s rising, yes, but has not yet surpassed its peak from December 2024.

Bitcoin is pulling ahead of the market, which is reflected in a rising Bitcoin dominance:

For about two and a half years, Bitcoin has been gaining ever more market share. With a dominance of around 63%, Bitcoin is as dominant as it was last in 2021, and should the indicator rise a bit further to about 70%, we would see levels reminiscent only of 2017.

Secondly, not all cryptocurrencies behave the same during these movements. Some lose more to Bitcoin, some less, and some are even gaining. Ethereum is, once again, the problem child, trailing hesitantly, almost stubbornly, behind Bitcoin and still far from its highs at the end of 2024 and the start of 2025 (which, incidentally, weren’t even all-time highs themselves).

Ripple (XRP) is faring better, although it remains a mystery to me why. Ripple continues to be an ultra-centralized coin, with almost 50% of its money supply still in the hands of Ripple Labs, while the coin continues to lack real users and its transaction activity has stagnated since 2020.

 

The meme coin Dogecoin is also showing only moderate performance. It is, at least, recovering from its wild run up to nearly 50 cents, but it remains far from its all-time high.

Conversely, Tron (TRX) is on a steady ascent. Hardly any cryptocurrency is rising as consistently as the blockchain on which most transactions involve the stablecoin Tether (USDT).

In contrast, the privacy coin Monero (XMR) eclipses all other coins:

Monero has not only held onto the breakout that catapulted it above $300 at the end of April, but used it to continue rising steadily, if aggressively, and is now just shy of $400.

So not everything is rising equally. As always, the crypto market offers a chance to either miss out on Bitcoin’s gains or to surpass them.

But the more interesting question is: Why? Why is Bitcoin skyrocketing right now? Is there a good reason for this new all-time high?

Supply and Demand

First of all, the general situation of supply and demand is pushing the price upward. More and more companies are adopting strategies to buy Bitcoin, most notably MicroStrategy, but also MetaPlanet in Japan, the Blockchain Group in France, and others.

Add to that the demand from ETFs, asset managers, and the first sovereign wealth funds. While Trump’s plans for a federal Bitcoin reserve are already taking shape, the states of Arizona and New Hampshire have already passed laws allowing for a state-level Bitcoin reserve. And just yesterday, the Senate in Texas approved a legislative proposal enabling a Bitcoin reserve as well.

So, strong and lasting demand from companies and institutions stands out. At a price of around $100,000, this can hardly be satisfied by newly mined coins alone. As long as longtime holders aren’t selling, prices are almost forced to rise.

The following chart from Bitcoin Magazine Pro shows for how long different segments of the total Bitcoin supply have been held:

As can be seen, the share of Bitcoins held for more than three years has been steadily increasing since 2022. So far, long-term hodlers (commit investors who refuse to sell) are supporting the upward pressure, and there’s no indication that this will change in the foreseeable future.

But that’s not the only reason.

The Second Tranche of FTX Payouts Is Upcoming

Starting May 30, the insolvency administrator for the collapsed exchange FTX will initiate a second tranche of payouts to creditors. Around five billion dollars will be distributed to exchange users via Kraken and BitGo. Recipients will get their compensation in dollars—and may well see this as an opportunity to invest in bitcoins.

The first wave of payouts already took place in February, distributing around $1.2 billion to users with claims of less than $50,000. This second wave will be larger and will address users with deeper wallets. One can assume this payout will have a bigger impact on the market—and the market may have already anticipated this at least in part.

Altogether, the insolvency administrator will pay out 16 billion dollars. Therefore, for the rest of this year, we’re likely to see additional liquidity injections of almost 10 billion dollars.

High Yields on U.S. Treasury Bonds

It’s also possible that a “macro event” is influencing the price. Such correlations should be viewed cautiously, as they tend toward speculation rather than fact.

Yesterday, the U.S. Treasury held an auction for 30-year bonds. However, market interest in lending money to the U.S. for decades remained limited, causing bond yields to rise above five percent—the highest level in ten years. Despite harsh measures, the Trump administration appears unable to get the U.S. budget deficit under control.

Robert Kiyosaki, author of „Rich Dad, Poor Dad,“ tweeted: “The game is over. Hyperinflation is coming. Millions, young and old, will be financially wiped out. Good news: gold at $25,000 (per ounce), silver at $70, bitcoin at $500,000 to $1 million.” The “END,” which Kiyosaki has long warned about, “is HERE.”

Of course, Kiyosaki is one among many crash prophets who warn of a crash so long and so persistently that whenever one actually happens, they end up being right. Apart from the fact that his forecast—bitcoin exceeding $500,000—reaches his 2.7 million followers, the situation is indeed tense.

Just last week, demand for 20-year bonds was also unsatisfactory, while rating agency Moody’s stripped the U.S. of its top-notch credit rating. Interest rates for long-term bonds also climbed in Japan and the UK, leaving both nations short of the liquidity needed to buy U.S. Treasuries.

Rates are still quite far from apocalyptic heights. Still, the sudden spike signals that the system—where debts are paid with new debts—cannot continue forever. The dollar is becoming a risk—and Bitcoin the lifeboat.