According to Coingecko data, Bitcoin's circulating supply currently stands at 19.868 million coins, with its market capitalization exceeding $2.15 trillion—a new all-time high.
On May 22, Bitcoin broke through the $110,000 barrier, gaining over 1% intraday to set yet another record. This continues the cryptocurrency's remarkable upward trajectory that began when it first crossed the $100,000 threshold on December 5, 2024. The momentum carried into January when prices peaked at $109,000 during U.S. President Trump's inauguration. However, subsequent tariff policies triggered a market-wide cryptocurrency slump, briefly pushing Bitcoin below $80,000 in early April.
Market Drivers and Institutional Adoption
Several key developments are fueling Bitcoin's ascent:
- The U.S. Senate's procedural vote on the Stablecoin Uniform Standards Safeguard Act (GENIUS), slated for full vote imminently
- Positive outcomes from U.S.-China Geneva negotiations boosting risk assets
- ETF inflows exceeding $400 billion last week, with only two days of outflows in May
👉 Discover how institutional adoption is reshaping crypto markets
Glassnode's metrics reveal record-breaking illiquid supply levels, indicating this rally differs fundamentally from past retail-driven surges. The current uptrend stems from converging structural factors:
- Institutional capital inflows through regulated products
- Unprecedented supply constraints with increasingly scarce liquid supply
- Macroeconomic tailwinds including dollar stablecoin regulatory clarity
Expert Projections Revisited
Geoffrey Kendrick, Standard Chartered's Digital Assets Lead, recently revised his outlook:
"I previously set Q2 Bitcoin targets at $120,000—this might prove conservative, and I apologize for that."
His initial projection cited two primary catalysts:
- Strategic reallocation from U.S. assets
- Sustained accumulation by large holders
Key Market Indicators
| Metric | Value | Significance |
|---|---|---|
| Circulating Supply | 19.868M BTC | 94.6% of total supply mined |
| Market Cap | $2.15T | Surpasses Apple's valuation |
| May ETF Inflows | $400B+ | Institutional demand indicator |
| Illiquid Supply | All-time high | Strong holder conviction |
Why This Rally Differs From 2024
Unlike previous cycles dominated by retail speculation:
- Regulatory clarity on stablecoins attracts traditional finance
- Corporate balance sheets increasingly allocate to BTC
- Derivatives markets show healthier open interest ratios
👉 Learn about Bitcoin's evolving market structure
FAQ Section
Q: What's driving Bitcoin's current price surge?
A: A combination of institutional ETF inflows, supply scarcity, and macroeconomic factors including stablecoin regulation progress.
Q: How does the GENIUS Act impact crypto?
A: It establishes federal standards for dollar-pegged stablecoins, potentially attracting more institutional participation.
Q: Why are experts revising price targets upward?
A: Accelerating adoption rates and constrained supply are exceeding earlier growth models.
Q: Is this rally sustainable?
A: Market structure metrics (illiquid supply, institutional inflows) suggest more fundamental support than previous bull runs.
Q: What risks should investors monitor?
A: Regulatory developments, macroeconomic shifts, and potential exchange liquidity crunches during extreme volatility.