Bitcoin hit a new all-time high (ATH) of $109,487.23 on May 21, thanks to the recent bullish rally.
It is expected that it will soon break out to the $110,000 price level.
The king coin last hit the record high of $109,241 on Jan. 20, ahead of pro-crypto Donald Trump's presidential inauguration ceremony.
Within weeks of his second term, Trump signed an executive order on March 6 to establish a strategic Bitcoin reserve in a landmark move giving institutional validation to the star of the decentralized economy. The action triggered a brief rally before the asset retreated due to macroeconomic trends.
The cryptocurrency hitting a new record high now is significant, given the precarious condition of the traditional economy.
On May 16, Moody’s Investors Service downgraded the U.S.'s sovereign credit rating from AAA to AA1. The downgrade follows the intense tariff war mainly between the U.S. and China, triggered by Trump initiating tariff hikes in early April, the effect of which is still taking time to veer off from the markets.
Launched in 2009, Bitcoin is not only the world's first decentralized cryptocurrency. It is also the largest cryptocurrency, with a market cap of $2.16 trillion.
In fact, if Bitcoin were a company, it would be the world's fourth-largest company in terms of market cap.
As per Kraken's price feed , Ethereum, the second-largest cryptocurrency, was trading at $2,575.72 at press time, almost 50% lower than its ATH of $4,891.70 that it hit on Nov. 16, 2021.
BTC was trading at $108,410.41 at the time of writing, as per Kraken .
The total crypto market cap stood at $3.42 trillion at press time, with Bitcoin occupying more than 60% share.