Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, soared to a new all-time high of $113,541 on the Bitstamp exchange at 17:41 UTC, breaking past the $113,000 milestone for the first time. The surge triggered massive short liquidations, with over $575 million in bearish positions wiped out in the past 24 hours, according to data from CoinGlass.

This latest breakout pushed Bitcoin’s total market value to approximately $2.25 trillion, bringing it close to surpassing Amazon’s market cap — a historic moment that further cements Bitcoin’s status as a major global asset. Analysts attribute the rally to a mix of institutional demand, macroeconomic factors favoring decentralized assets, and growing investor confidence amid geopolitical uncertainty.

The sharp price movement has intensified volatility in the crypto market, particularly impacting leveraged traders betting against the rally. The liquidation of over half a billion dollars in shorts underscores the risks of trading against the dominant uptrend in Bitcoin’s current bull cycle.

As Bitcoin gains momentum, major altcoins are also seeing bullish activity. Meanwhile, Robinhood recently announced support for Ethereum (ETH) and Solana (SOL) staking in the U.S., a move likely to draw further retail participation into the market. However, the rally is also attracting criticism, with prominent crypto skeptics renewing attacks on Bitcoin and Ethereum-related companies.

Despite the mixed sentiment, Bitcoin’s performance continues to defy expectations, inching closer to overtaking some of the world’s most valuable corporations. If the trend persists, Bitcoin could solidify its place not just as a digital asset, but as a top-tier global financial instrument. Investors and analysts will be closely watching for consolidation or continuation in the coming days.