Bitcoin extends rally, hits record high above $124,000

By Mike Murphy

Wider acceptance by institutional investors has helped boost the price of bitcoin.

Bitcoin topped the $124,000 level for the first time Wednesday, extending a months-long rally.

The price of bitcoin (BTCUSD) hit a record high of $124,496 on Wednesday night, according to CoinDesk data. The world's largest cryptocurrency has surged about 33% year to date, and nearly 120% over the past 12 months. At last check, bitcoin had retreated back below the $124,000 level.

The Trump administration's looser regulatory stance and the wider adoption by institutional investors, including the approval of crypto ETFs, have been a boon to bitcoin and other cryptocurrencies. Ether (ETHUSD) is also closing in on a record high, rallying about 87% over the past three months. Bitcoin has also been aided by bullish sentiment over its upcoming halving event.

Read more: What's driving ether's 'catch-up trade,' as it nears record high after bitcoin's streak of peaks

The crypto surge has also help boost a number of newly public companies, including CoinDesk parent Bullish (BLSH), which soared 84% after its IPO on Wednesday. Shares of stablecoin issuer Circle Internet Group Inc. (CRCL) and crypto-trading company eToro Group Ltd. (ETOR). have also jumped since the companies went public in recent months.

-Mike Murphy

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