Bitcoin soared past the $120,000 barrier for the first time on Monday, marking a milestone for the world’s largest cryptocurrency. The digital asset hit a record high of $122,571.19 before settling back to $121,952.61.
Market watchers say a highly anticipated debate in the U.S. House of Representatives over a series of bills to establish a comprehensive regulatory framework for digital assets helped fuel the rally. Strong institutional demand and the endorsement of President Donald Trump—who has dubbed himself the "crypto president"—added momentum.
"It’s riding a number of tailwinds at the moment," says IG market analyst Tony Sycamore, pointing to growing institutional interest, expectations of further gains and political support. "It’s been a very, very strong move over the past week and it looks like it can easily test $125,000 next."
The surge in bitcoin has sparked broader gains across the crypto market. Ether climbed to a five-month high of $3,059.60, while Ripple (XRP) and Solana (SOL) each gained around 3 percent. The sector’s total market capitalization has swelled to about $3.81 trillion, according to CoinMarketCap.
Gracie Lin, CEO of OKX Singapore, notes that bitcoin is increasingly viewed as a long-term reserve asset not just by retail traders and institutions but even by some central banks. "We’re also seeing rising participation from Asia-based investors, including family offices and wealth managers—strong signs that this isn’t just a hype-driven rally," she adds.
With bitcoin up almost 29 percent year-to-date, the digital currency’s historic leap past $120,000 underscores its growing role in the global financial system. The question now is how high it can go—and whether this rally marks the start of a new era for cryptocurrencies.
Reference(s):
cgtn.com
