Bitcoin Breaks Barrier, Surges to Record $121,207

Bitcoin hit an all-time high of $121,207.55 during the Asian session on Monday, setting a new milestone for the world’s largest cryptocurrency. It later eased slightly and was last trading up 1.6 percent at $121,015.42, Reuters reported.

Analysts attribute the surge to strong institutional demand, growing expectations of further price increases, and support from U.S. President Donald Trump. Trump has labeled himself the “crypto president” and has called for regulatory reforms in favor of the industry.

This week, the U.S. Congress began deliberations on several bills, including the GENESIS Act, which could pave the way for more favorable regulations for the crypto sector.

Bitcoin’s rise has positively impacted other tokens as well, including Ether, XRP, and Solana.

The total market capitalization of cryptocurrencies has now reached approximately $3.78 trillion.