Bitcoin (BTC), which trades around the clock, is currently at $108,950 U.S. and on the cusp of reaching an all-time high amid a broader rally in equities.
The rise in Bitcoin comes with the benchmark S&P 500 index is at a record high as investors continue to pile into risk assets such as stocks and cryptocurrencies.
At just under $109,000 U.S., Bitcoin, which is the largest cryptocurrency by market capitalization, is trading less than 3% below the peak it reached in May of this year.
Analysts expect to see new highs in Bitcoin in coming weeks as the rally in U.S. markets gathers strength and shows no signs of abating.
Some on Wall Street note that the U.S. money supply has recently climbed to a record $21.9 trillion U.S., and that the surge in liquidity means potentially more money flowing into financial assets such as Bitcoin and other crypto.
Historically, July has been a strong month for Bitcoin, with the digital token averaging gains of around 7%, adding a seasonal tailwind to its current rally.
Investors also appear to have more confidence in digital assets as U.S. President Donald Trump makes good on his promise to make America the “crypto capital of the planet.”
BTC is up a total of 17% this year.
