Bitcoin (BTC) has proven itself once again as the leading digital currency in the market. The cryptocurrency broke past its all-time High (ATH) earlier today, and rallied over the $109,000 mark.
The latest BTC surge has sparked discussions among industry leaders. In addition, crypto community members are also speculating about altcoins benefiting from the positive sentiments in the Bitcoin market.
Price of Bitcoin Breaks ATH at $109,468.10 Amid Rising Open Interest
Earlier today, Bitcoin (BTC USD) broke its previous ATH of $109,358, set in January following the inauguration of President Donald Trump’s second return to the White House.
Data from the market reveals that BTC’s price hit $109,468.10 in today’s morning trading session. As of this writing, BTC price was trading at $107,134.45 up 3.4% over the previous day.
Investor interest in the leading coin remains high, as indicated by the rising trading volume, which increased by over 20.3% in the past day to $64.6 billion.
The price movement of Bitcoin shows it has decoupled from equities during recent volatility. Investors and traders are re-evaluating their exposure to US markets amid global trade uncertainty.
Prior to this breakout in the price of Bitcoin, the coin’s realized cap added $3 billion, a sign of massive adoption.
Notably, BTC attained the new milestone amid a rising open interest across significant exchanges.
According to CoinGlass data, BTC’s open interest increased from $66.6 billion, as recorded last week, to $72 billion. Institutional platforms led the surge.
The Chicago Mercantile Exchange (CME) recorded $16.9 billion, followed by Binance with $12 billion.
The shift in traders’ interest in leverage suggests rising conviction around a bullish continuation for Bitcoin.
Industry Leaders React to Bitcoin USD New ATH
Some crypto stakeholders have dropped their comments on the historical Bitcoin milestone on various social media platforms.
Taking to social media platform X, Binance CEO Richard Teng said Bitcoin has broken records that many previously viewed as impossible.
His statement emphasizes that Bitcoin is pushing boundaries by its determination to hit unimaginable highs.
In a May 7 report, K33 Head of Research Vetle Lunde and Senior Analyst David Zimmerman stated,
“Onwards, crypto is about to face multiple Trump-driven positive developments, whereas equities may face a tariff repeat — setting the stage for relative bitcoin strength in the months ahead.”
The rally in the price of Bitcoin signals that a more uptrend is ahead, and experts like Robert Kiyosaki of ‘Rich Dad Poor Dad’ recently predicted a $500,000 top.
Will Altcoins Follow the Trend?
With the price of Bitcoin breaking a new high, altcoins are also in the spotlight for a potential breakout.
When writing, Ethereum’s (ETH) price jumped 5.2% to $2,600. Unlike Bitcoin, Ethereum is down over 46% from its previous ATH of $4,891.70.
However, analysts are convinced Ethereum will lead the altcoin rally with capital flow from BTC soon.
With the Ethereum Foundation’s consistent chain upgrades, the protocol has the fundamental backing to sustain any potential rally.
Other altcoins, such as XRP, Solana, and Cardano, have also joined the BTC price rally, with 3.65%, 5.14%, and 6.96% in 24 hours, respectively.
The prospect of XRP ETF as well as other crypto funds is driving the likely of price breakout in the long term.
If these products are approved by the US SEC, institutional funds will flow into the assets, boosting price breakout.
