Bitcoin soared to an unprecedented high of $124,000 in early Thursday trading, capping a powerful week-long rally that’s reignited enthusiasm across the cryptocurrency market. While prices later eased to around $121,700, the world’s largest cryptocurrency remains up more than 6% over the past week, smashing its previous July peak of just over $120,000.
“Bitcoin’s latest rally reflects the blurring lines between crypto and traditional assets, happening faster than institutional adoption timelines predicted,” said Will K, CEO of VOOI and co-founder of Symbiosis. Finance. He noted that while exchange-traded funds (ETFs) brought institutional investors in, retail traders are returning to more advanced decentralized platforms.
Ethereum has been an even stronger performer, surging 28% in the past seven days to $4,742—just shy of its November 2021 record of $4,865. Bitfinex’s head of derivatives, Jag Kooner, credits the jump to robust ETF inflows, institutional buying, and a favorable macro backdrop following softer inflation data that has boosted expectations for interest rate cuts.
The total cryptocurrency market capitalization has climbed to $4.23 trillion, according to CoinMarketCap, as risk-on sentiment from record-setting US stock markets spills into digital assets.
A major catalyst for bitcoin’s rise has been a friendlier regulatory climate in Washington. Earlier this month, President Donald Trump signed an executive order instructing banking regulators to remove “reputational risk” from their oversight. This policy had discouraged banks from working with legitimate crypto firms. The administration also dismantled the Justice Department’s National Crypto Enforcement Team and advanced new legislation for a federal stablecoin framework.
Industry leaders say these changes are paving the way for greater institutional participation, adding fuel to bitcoin’s upward momentum. With both retail and institutional investors stepping in, the stage may be set for even bigger moves ahead.
