Bitcoin has soared to a new record, topping $120,000 for the first time. Early Monday, the cryptocurrency was trading 2.7% higher at $120,990.05 as of 12:35 a.m. ET.
The world's largest cryptocurrency has extended its winning streak after setting record highs for three consecutive days last week. Year to date, Bitcoin is now up nearly 30%.
This year's rapid gains have been partly attributed to support from the Trump administration. In May, President Donald Trump signed an executive order establishing a strategic bitcoin reserve and digital asset stockpile.
Dilin Wu, research strategist at Pepperstone, described the rally as “structural,” citing strong institutional inflows, a supportive macroeconomic environment, and a shift in regulatory sentiment.
Wu noted that both institutional and corporate investors have been key drivers of this momentum. She also pointed to the surge in tech stocks, which is fueling broader investor appetite for risk.
“In today’s asset allocation landscape, bitcoin is no longer purely speculative,” Wu wrote. “It stands at the intersection of being a digital hedge like gold and a growth asset similar to tech equities.”