The cryptocurrency market skyrockets with Bitcoin leading the bullish momentum

The cryptocurrency market is experiencing a new boom. On May 22, the total market capitalization surpassed $3.48 trillion, marking its highest point since February, with a 2.5% increase in 24 hours. Trading volume also grew by 55%, reaching $193.2 billion.

The main momentum comes from the new all-time high of Bitcoin (BTC), which reached $111,888, sparking renewed bullish sentiment. Altcoins like Ethereum, Cardano, and Solana are riding this surge.

Key factors such as the decline of the Dollar Index (DXY), easing trade tensions between the U.S. and China, and the U.S. credit downgrade by Moody’s are pushing investors towards Bitcoin as a store of value.

Moreover, institutional adoption is growing. JPMorgan announced that it will offer access to Bitcoin to its clients. This is coupled with a wave of short liquidations, with over $495 million liquidated, which has accelerated the rally.

Bitcoin not only leads the cryptocurrency market but also redefines the rules of the financial game.