Bitcoin breached $120,000 for the first time, with investor optimism increasing almost daily after it emerged from a narrow trading range.
After surging on the election of Donald Trump to a second US presidential term, Bitcoin had settled into a pattern of fluctuating on either side of $100,000 for several months.
Concern about Trump’s political and economic policies had helped to temper optimism over the pro-crypto agenda of his administration. Now with other risk assets such as stocks back around record highs, Bitcoin has also resumed its push higher.
“This shift signals a maturing perspective on Bitcoin — not merely a speculative asset, but a macro hedge and a structurally scarce store of value,” said George Mandres, senior trader at XBTO Trading LLC. “A surge in risk-on sentiment across equities, coupled with significant institutional inflows into spot Bitcoin and Ethereum ETFs, has fueled this steady ascent, notably absent the sharp volatility of previous bull runs.”
The crypto market bellwether rose as much as 1.9% to $121,344, and is now up about 30% since December. Bitcoin more than doubled last year. Bitcoin’s renewed momentum has also spilled over to smaller tokens — second-ranked Ether rose 1.5%, while XRP and Solana increased about 2.7% around noon in Singapore on Monday.
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