Bitcoin (BTC) has notched a new all-time high of $111,691.50 U.S.
In reaching the milestone, Bitcoin crossed above the key level of $110,000 U.S. for the first time.
The largest cryptocurrency by market value has pulled back a bit and is currently changing hands at $110,760.10 U.S.
The new all-time high surpassed Bitcoin’s previous peak of just over $109,000 U.S. reached in January of this year on the day of U.S. President Donald Trump’s inauguration.
The record high above $111,000 U.S. comes as U.S. Treasury yields spike due to American debt concerns and stocks retreat.
Some analysts are theorizing that Bitcoin is benefitting from its reputation as “digital gold” and the view that it is a store of value and a safe haven asset in times of market turmoil.
Bitcoin and other cryptocurrencies are seeing increased buying among both individual and institutional investors as sentiment towards digital assets improves.
As recently as mid-April, Bitcoin was trading at $75,000 U.S., having declined sharply from its January highs.
However, investors have flooded back into crypto and other risk assets after President Trump scaled back his import tariffs on various countries, notably China.
Other cryptocurrencies such as Ethereum (ETH) and XRP (XRP) are also marching higher and enjoying a strong rally.
The price of Ethereum has risen 6% in the past 24 hours to trade at $2,653.33 U.S.
The global crypto market is now on the cusp of reaching a $4 trillion U.S. market capitalization. Bitcoin has gained 19% year-to-date.
