The cryptocurrency market has seen a 2.5% increase today, reaching a total capitalization of $3.48 trillion for the first time since February. Bitcoin reached a new all-time high of $111,888, significantly boosting market sentiment. The 24-hour trading volume surged by 55% to $193.2 billion, indicating strong demand. Major altcoins such as Ether, Cardano, and Solana also performed well, following Bitcoin's lead. Additionally, easing tensions between the U.S. and China and a declining U.S. Dollar Index have contributed to positive investor sentiment. Another factor driving this rally is a wave of short liquidations, with over $495 million in crypto positions liquidated, triggering a short squeeze and further amplifying Bitcoin's price surge. Market capitalization confirmed a bullish flag on May 20, testing resistance levels that could propel it further upward. However, a fall below $3.35 trillion may invalidate this bullish trend and lead to further consolidation.

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