Bitcoin surged to an all-time high near $112,000 early Thursday, fueled by rising risk appetite and continued institutional demand as traditional financial market players increasingly embrace the world’s largest cryptocurrency.
It hit a new high of $111,988.90 and was last trading up 0.4% at $111,259. Since the beginning of the year, bitcoin is up more than 18%.
“Bitcoin is the only asset I know of where the risk decreases as the market size increases,” Anthony Pompliano, founder and CEO of Professional Capital Management, wrote in a letter to investors.
The Trump administration’s crypto-friendly policies have also helped boost the overall digital asset market, opening up access to more funds for the sector.
For example, Trump Media & Technology Group, run by the US President’s family, plans to launch an exchange-traded fund (ETF) that will invest in several crypto tokens including bitcoin, ether, solana and ripple, according to a filing with US markets regulators on Tuesday.
Bitcoin’s surge has also had an impact on other cryptocurrencies. Ether, the second-largest cryptocurrency by market cap, also surged to a one-month high of $2,794.95, and was last trading up 5.4% at $2,740.99.
Crypto-related stocks also surged. Strategy, a company co-founded by leading proponent of the bitcoin treasury movement Michael Saylor, rose 4.7% to $415.41, while Coinbase Global rose 5.4% to $373.85.
