Bitcoin surged to a new all-time high during trading on Wednesday, May 21, surpassing the previous record set in January.
According to Coin Metrics, the cryptocurrency climbed over 2% to trade above $109,000, after briefly touching $109,500 earlier in the day.
CNBC reports that the rally is driven by continued inflows into Bitcoin exchange-traded funds (ETFs), decreased selling pressure—evidenced by lower exchange inflows — and improved market liquidity.
Bitcoin has been on a steady upward trend throughout May, gaining 16% since the start of the month, bolstered by growing corporate interest and increasing adoption on Wall Street.
