Bitcoin has reached a new milestone, breaking past $120,000 for the first time as the cryptocurrency continues its remarkable rally.
Early Monday morning, Bitcoin was trading at $120,990.05—up 2.7% on the day and marking its third consecutive record high. The world’s largest cryptocurrency has now surged nearly 30% since the beginning of the year, reflecting renewed investor enthusiasm and sustained market momentum.
This year’s rally has been bolstered by a wave of institutional investment, growing mainstream adoption, and recent political developments in the United States. In May, President Donald Trump signed an executive order to create a national strategic reserve of bitcoin and other digital assets, further legitimizing the sector and signaling government support.
“Bitcoin’s latest breakout appears to be the result of a structural rally driven by institutional flows, supported by a favorable macro backdrop and reinforced by a shift in regulatory sentiment,” wrote Dilin Wu, a research strategist at Pepperstone, in a note published Friday.
Wu pointed to increased involvement from both corporate and institutional investors as a key driver of the surge. The broader rally in tech stocks, she noted, is also lifting investor risk appetite—further benefiting Bitcoin.
“In today’s asset allocation landscape, Bitcoin is no longer just a speculative instrument — it straddles the line between a digital hedge like gold and a growth asset like tech equities,” Wu added.
Bitcoin’s historic run highlights its evolving role in global finance, as it transitions from a fringe asset to a key component of diversified investment portfolios.
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