Bitcoin, the world’s largest cryptocurrency by market value, hit a record high on Sunday and was up nearly 2.8% at $ 125,689.
Bitcoin’s previous record was $124,480 in mid-August, buoyed by friendlier regulations from U.S. President Donald Trump’s administration and strong demand from institutional investors.
The cryptocurrency had risen on Friday for an eighth straight session, bolstered by recent gains in U.S. equities and inflows into bitcoin exchange-traded funds.
According to Bloomberg, the latest jump was fueled by gains in US equities and renewed investor interest in Bitcoin-linked exchange-traded funds (ETFs).
The decentralized digital asset has climbed more than 30 per cent so far this year, continuing its steady rise amid a more crypto-friendly regulatory environment in Washington under President Donald Trump’s administration.
October is traditionally a strong month for Bitcoin, often referred to as “Uptober,” with the token gaining in nine of the past ten years. The surge this year has lifted Bitcoin’s value by more than 30%.
