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Bitcoin eyes new all-time high — XRP slips

The bulls are ready at the doorstep: Bitcoin is just a small jump away from its historic peak.

By Mike Hesp
• 2 min read
Bitcoin eyes new all-time high — XRP slips

The bulls are ready at the doorstep: Bitcoin is just a small jump away from its all-time high. With BTC trading at $107,500, it was up 1.2% versus the day before. That leaves only about $1,000 (1.2%) to clear the previous all-time high.

What gives this rally extra punch is the growing interest from institutional investors. Open interest in Bitcoin futures on May 20 rose to a new record of $72 billion, according to CoinGlass data, up 8% from last week. This points to rising leverage activity and price-movement speculation, usually a precursor to higher volatility.

Yet the broader market is taking a breather. The total crypto market cap was down 0.7% on the day. But among the top 10 cryptocurrencies, there isn’t much sign of cooling. The exception is XRP, which is slipping slightly with a 0.2% drop.

The rest of the top coins stay in the green: Dogecoin and Tron lead with a 2% gain, followed by Ethereum, up 0.8% as it continues to rebound.

Investor sentiment remains bullish. The Crypto Fear & Greed Index sits at 70, indicating continued Greed.

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