Bitcoin Sets New Record, Surpassing $111,000 on Pizza Day

Bitcoin's price hit a new high of nearly $112,000 on May 22. This increase, which followed a 4% daily gain, has pushed the total crypto market capitalization to $3.6 trillion. Despite these gains, the market capitalization remains below its peak of $3.9 trillion in mid-December.

The surge in Bitcoin's value is driven by institutions like spot exchange-traded funds and corporations, with spot Bitcoin ETFs in the U.S. seeing six consecutive trading days of inflows exceeding $2 billion.

This day also marks "Bitcoin Pizza Day", celebrating the first physical purchase made with Bitcoin 15 years ago when 10,000 BTC were used to buy two pizzas, which at today's value would be worth around $1.1 billion.