Fifteen years ago, Laszlo Hanyecz, a programmer based in Florida, made the first ever real-world Bitcoin transaction to be documented. On May 22, 2010, he spent a whopping 10,000 Bitcoin to buy two pizzas from Papa Johns’. Today, the pizzas are dubbed the most expensive meal of all-time. 

While the 10,000 Bitcoin were worth only $41 ($0.004 per BTC), today these coins would be worth over $1.1 billion. As the crypto community celebrates the monumental Bitcoin Pizza Day (May 22), BTC has continued to peak. 

Bitcoin Hits New ATH

Driven by increased institutional investment and strengthened regulatory support, enhancing its stature in the financial sector, Bitcoin achieved a new all-time high (ATH) today. As per the data by TradingView, the pioneer crypto is trading at $111,505 as at press time.

Earlier, the coin had pumped to $111,880 level on exchanges like Coinbase before dropping to the current level. Nonetheless, continued momentum could push BTC to even higher levels. 

Besides a new all-time high on price, Bitcoin also reached a new milestone in the demand for global crypto options. As per the data by Coinglass, BTC’s options open interest (OI) reached above $45.8 billion. This level marked a new all-time high and accounted for nearly 84% of the total digital asset options market. 

In previous bull cycles, a new all-time high on BTC’s options open interest resulted in new highs. This explains the recent surge in price with Bitcoin smashing a new peak. If OI continues to surge, BTC’s price will follow suit as buying activity gets stronger. 

BTC is Maturing and Entering a New Phase; Expert Says 

Reaching the new all-time high at $111,000 level is monumental for Bitcoin. But beyond reaching this new level, there is more on the horizon for BTC. In a commentary shared to Blockchain News, Dom Harz – the Co-Founder of BOB, a hybrid Layer-2 platform – believes there is more to the recent rally than just a price milestone. He believes that the recent surge signifies a new era for the king crypto. 

“Bitcoin’s all-time high marks more than just a price milestone — it signals the beginning of a new era for the original cryptocurrency,” Dom shared. He also believes that while market analysts are speculating about the next peak, it is not quite easy to predict the exact number. Rather, the crypto community should focus on the new phase for Bitcoin. 

“While speculation around the next peak is inevitable, the truth is no one can predict a number. What we can say with certainty is that Bitcoin is maturing and entering a phase defined by institutional adoption, clearer regulation, and, critically, rapid technological progress.” the BOB co-founder remarked. 

Bitcoin’s Untapped DeFi Potential 

Following the recent surge in Bitcoin’s price, several experts are projecting new peaks for Bitcoin. But, Dom Harz believes that while price predictions dominate the headlines, they do not reflect the real potential for BTC. Rather, deeper potential lies in how Bitcoin could power the decentralized finance (DeFi) sector. 

“Price predictions are often the loudest signal, but they’re just the surface. Beneath that lies Bitcoin’s untapped technological potential, particularly in DeFi,” Dom stated. At the moment, Bitcoin’s DeFi total value locked (TVL) is soaring. 

DefiLlama analytics shows that BTC’s DeFi TVL currently sits at $6.84 billion. The current level means that the TVL has doubled over the last one month in tandem with BTC’s bullish momentum. 

According to Dom, the surge in Bitcoin’s DeFi TVL will potentially continue as the “infrastructure to deploy BTC trustlessly into DeFi continues to evolve.” As Bitcoin continues to pump, driven by institutional adoption, convergence with technical innovation could reshape the crypto market.

Moving forward, traders must track the open interest of Bitcoin and technical indicators to determine whether BTC will continue to surge or retrace. But in spite of the next price direction, BTC holds immense potential beyond just as a store of value.