Bitcoin Tops $111,000 in Pizza Day All-Time High

Bitcoin prices reached an all-time high of almost $112,000 on Thursday, May 22, following a 4% daily gain, according to Coingecko.

The asset has now surpassed a peak of $109,500 on Wednesday and is in a new price discovery phase.

It has also pushed total crypto market capitalization to $3.6 trillion. However, this remains below its peak of $3.9 trillion in mid-December as altcoins remain lackluster.

Big Bitcoin Moves

The asset has now gained more than 17% since the beginning of the year and is up around 47% since its April 7 crash to $75,000. Momentum is being driven by institutions as spot exchange-traded funds and corporations continue to aggressively accumulate the asset.

Spot Bitcoin ETFs in the United States have seen six consecutive trading days of inflows totalling more than $2 billion. Meanwhile, companies such as Michael Saylor’s Strategy and Japanese investment firm Metaplanet continue to scoop up BTC for their treasuries.

On May 22, Digital Capital Strategist Jeff Walton said, Strategy is “the apex Bitcoin accumulator,” having bought 324,000 BTC in the last 8 months.

“That is 105,000 more Bitcoin than every single company that has BTC on balance sheets combined,” he added.

Strategy’s unrealized profit soared to $23.5 billion with the new Bitcoin all-time high. The stash is now worth an eye-watering $63.7 billion, according to the Saylor Tracker.

Nevertheless, things are relatively quiet on the retail front with macroeconomic clouds darkening, inflation woes increasing, and social sentiment and searches at bear market lows.

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Analyst “CrypNuevo” said that there would be “more to come in the following weeks and months,” predicting that it will reach at least $115,000.

Bitcoin Pizza Day

May 22 is also Bitcoin Pizza Day, and celebrates the first use of the asset to buy something physical. On this day, fifteen years ago, programmer Laszlo Hanyecz bought 2 Papa John’s pizzas for 10,000 BTC.

The cryptocurrency was worth just $0.0041 at the time, making the purchase cost around $40. Today, those pizzas would be valued at around $1.1 billion at current prices.

Hanyecz’s pizza purchase has become a legendary event in the history of Bitcoin, demonstrating how the asset has come in terms of adoption and value.

Happy Bitcoin Pizza Day!

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