Bitcoin Rallied to a New All-Time High of $111,861

Bitcoin rallied to a new all-time high of $111,861 early on Bitcoin Pizza Day, celebrated every year on May 22 to commemorate the first real-world transaction in which bitcoin was used as a currency.

Bitcoin rose to a new all-time high of $111,861 early on Bitcoin Pizza Day, celebrated every year on May 22 to commemorate the first real-world transaction in which bitcoin was used as a currency.

On May 22, 2010, Laszlo Hanyecz, a programmer from Florida, paid 10,000 BTC for two pizzas, marking bitcoin's first commercial use.

At the time, the transaction would have been worth around $41. Today, it would have been worth more than $1.1 billion.

Bitcoin's price action led to $232 million worth of liquidations over 24 hours for those betting on a lower bitcoin price.

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Bitcoin's realized capitalization is nearing its next major milestone of $1 trillion, according to onchain intelligence platform Glassnode.

As Bitcoin price action continues to heat up, onchain analytics firm Glassnode has pointed out that the cryptocurrency is rapidly approaching a new price milestone.

According to the firm, Bitcoin's realized capitalization is nearing its next major increment of $1 trillion. Realized capitalization is an alternative to traditional market capitalization for digital assets, which instead of valuing every coin at the current market price, values each individual coin at the price it was last moved onchain.

"It took just 2 years to go from $1M to $1B (2011-2013), but nearly 6 years to move from $100B to $1T," Glassnode said. "As BTC matures, growth slows and each leap requires exponentially more capital."

The last time the realized capitalization crossed a major increment was in March 2013, when it passed $1 billion. At the time, it took less than two years for the realized capitalization to grow from $1 million to $1 billion.

However, as Bitcoin has matured, the rate of growth has slowed, with each increment requiring increasingly large amounts of capital.

Despite the slow growth, the fact that the realized capitalization is nearing a new milestone is a testament to the resilience of Bitcoin and its ability to generate returns over the long term. As the cryptocurrency continues to be adopted by mainstream institutions and the realized capitalization crosses new increments, it will be interesting to see what new milestones are achieved by Bitcoin Pizza Day next year.