Bitcoin Surpasses $111,500 to Set New All-Time High; Majority of Altcoins Follow Suit in Market Rally

Bitcoin surged past the $111,000 (roughly Rs. 95.09 lakh) mark on international exchanges over the past 24 hours. As of Thursday, May 22, it was trading at $111,593 (roughly Rs. 95.6 lakh), reflecting a gain of around four percent, according to CoinMarketCap. Indian exchanges also recorded a notable uptick, with Bitcoin rising by about five percent to trade at $111,523 (approximately Rs. 95.5 lakh), as per data from CoinDCX and CoinMarketCap. Analysts identify $106,200 (around Rs. 90.9 lakh) as a key support level, with resistance expected near $112,500 (roughly Rs. 96.3 lakh).

"The approval of US' Stablecoin Bill and easing trade restrictions have significantly improved investor sentiment, helping BTC hit a new ATH just four months after the previous ATH in January. Institutional demand remains strong, with spot ETFs seeing $2.2 billion (roughly Rs. 18,904 crore) in inflows over the past 10 sessions. CryptoQuant data also shows a steady return of retail investors to the market, bringing more liquidity," Edul Patel, Co-founder and CEO of Mudrex told Gadgets 360.

Ether tailed Bitcoin to clock gains of under two percent on international exchanges. It's presently retailing at $2,627 (roughly Rs. 2.25 lakh) on global platforms. Having logged profits of over three percent on Indian exchanges, ETH is trading at around $2,630 (roughly Rs. 2.25 lakh).

"Bitcoin Pizza Day, celebrated today, marks a defining moment in crypto history. As Bitcoin rises, it brings renewed credibility and capital into the space, creating a ripple effect that benefits altcoins including Ethereum," said Raj Karkara, COO, ZebPay.

The crypto price tracker by Gadgets 360 showed a majority of altcoins trading in profits.

These include Binance Coin, Dogecoin, Tron, Stellar, Leo, Litecoin, and Monero.

Underdog, Iota, Polygon, Ardor, and Braintrust also joined BTC and ETH on the profit-side of the price charts on Thursday.

"This isn't a temporary surge—it's a structural shift. With governments and institutions becoming active participants in the ecosystem, the foundation for long-term growth is stronger than ever. The next key level to watch is $120K, and beyond that, Bitcoin's role as digital gold will continue to solidify," Ashish Singhal, Co-founder, CoinSwitch told Gadgets 360, commenting on the overall rally.

The overall crypto market cap rose by 3.56 percent in the last 24 hours, bringing the sector's valuation to $3.51 trillion (roughly Rs. 3,00,74,768 crore), shows CoinMarketCap.

"After a period of sharp correction driven by macroeconomic uncertainty, the recent surge has been propelled by sustained institutional accumulation, improved liquidity, and renewed confidence in digital assets as a hedge against traditional market volatility. That this milestone comes around Bitcoin Pizza Day underscores the extraordinary journey of Bitcoin—from a 10,000 BTC pizza purchase to a 22.60 crore percent rise in just 15 years," Avinash Shekhar, Co-Founder and CEO, Pi42. told Gadgets 360.

Meanwhile, cryptocurrencies that logged losses on Thursday include Solana, Cardano, Chainlink, Shiba Inu, and Cronos among a few others.

"Altcoins like Core, Worldcoin, Bittensor and a few more have attract over 10 percent gains, while EOS, KuCoin Token, Aave and a few more have experience minor pullbacks of less than four percent. Meanwhile, the SEC keeps deferring its decision on the DOGE ETF after XRP and SOL, which may cool the hype for a while," the CoinDCX research team told Gadgets 360, advising caution to traders.

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