Bitcoin Hits a Fresh All-Time High Above $120,000
Bitcoinhas breached another record level, hitting $120,000 for the first time.
On Monday, bitcoin was 2.7% higher at $120,990.05 at 12:35 a.m. ET.
The world’s biggest cryptocurrency has been on a winning streak after hitting record highs for three days last week.
Bitcoin is now nearly 30% higher this year.
The cryptocurrency’s blistering gains this year come on the back of support from President Donald Trump‘s administration. In May, Trump signed an executive order for a strategic bitcoin reserve and digital asset stockpile.
“Bitcoin’s latest breakout appears to be the result of a structural rally driven by institutional flows, supported by a favorable macro backdrop and reinforced by a shift in regulatory sentiment,” wrote Dilin Wu, a research strategist at Pepperstone, on Friday.
Wu cited institutional and corporate investors as key participants in this trend.
The surge in tech stocks fueling investor risk appetite is also boosting bitcoin, she added.
“In today’s asset allocation landscape, bitcoin is no longer just a speculative instrument — it straddles the line between a digital hedge like gold and a growth asset like tech equities,” Wu wrote.
