Bitcoin Soars to Record High: Why the Rally Hit $109,864

Today marks a pivotal moment for Bitcoin as it surged past its previous psychological ceiling of around $109,353, exceeding the record-breaking mark of $109,864 on Wednesday, May 11. The rally, which saw Bitcoin price climb over 4% in just 24 hours, has catapulted the asset’s market cap to a staggering $2.17 trillion and propelled it into fifth place among the world’s biggest assets. This impressive rise aligns with increased crypto fear of missing out (FOMO), fueled by recent quantitative easing (QE) from the Fed.