Bitcoin surpasses $109,000 all-time high, entering a new phase of price exploration.

Bitcoin (BTC) experienced a remarkable rise, reaching $109,476 during the early hours of the New York trading session, officially surpassing its previous record of $109,353 set in January.

This recent surge into uncharted price territory is fueled by robust institutional investment, supportive regulatory advancements, and a noticeable uptick in market activities over the past few weeks.

According to the latest available data, Bitcoin’s trading value was noted at $109,2460, reflecting a 4.3% increase in the last 24 hours.

This upward trend is attributed to the ongoing accumulation by Strategy, which now owns over 576,000 BTC, constituting about 2.7% of the entire supply. Additionally, there is growing interest from governmental bodies looking to gain indirect exposure through publicly traded shares, particularly those related to Strategy.

The progress of the bipartisan GENIUS Act in the US Senate, which centers on the regulation of stablecoins, has positively impacted market sentiment. Furthermore, an executive order from President Donald Trump, established in January to create a Strategic Bitcoin Reserve, indicates substantial governmental backing for digital currency.

Bitcoin’s trading volume for the past 24 hours was reported at $50.84 billion, with a total market capitalization reaching $2.13 trillion. There has also been a surge in activity within the futures market, where open interest peaked at an unprecedented $76.20 billion on May 21, showcasing an increase in investor participation.

Standard Chartered has predicted that the favorable market conditions combined with growing institutional adoption could drive Bitcoin’s price to a new high of $120,000 in the second quarter, and potentially even $200,000 by the end of the year.

As Bitcoin maintains its upward momentum, investors are keenly observing its progress, with expectations for new record highs in the foreseeable future.

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