Bitcoin crosses $111,000 mark for first time

Bitcoin crossed the $111,000 mark for the first time ever on Thursday, hitting a fresh all-time high and fueling hopes of a continued bull run.

The crypto hit $111,886.41 in early trading hours in London, according to Coin Metrics, before paring some of those gains to trade at around $111,083.67 at 13:01 p.m. London.

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However, analysts warn the rally may face hurdles ahead.

The surge reflects broader market momentum with the spot Bitcoin ETFs have seen more than $2 billion in inflows over the past 10 sessions, while Moody’s recent downgrade of the U.S. sovereign credit rating has boosted interest in Bitcoin and Ethereum as fiat hedges.

Notably, bitcoin’s performance now outpaces traditional assets as with over 53% yearly gains, it has surpassed both gold and the S&P 500 and climbed past Amazon to become the world’s fifth-largest asset, with a market cap exceeding $2.2 trillion.

Traders are increasingly betting on Bitcoin reaching $300,000 by June, potentially giving it a market capitalization of $6 trillion.

Bitcoin Pizza Day is also celebrated on May 22, as this day commemorates the first real-world Bitcoin transaction when two pizzas were purchased for 10,000 BTC in 2010. This year’s celebration was especially significant as Bitcoin reached a new all-time high of $111,000 (approximately ₹94.8 lakh).