Bitcoin achieved a new all-time high of $118,900 on Friday after exceeding its previous record, $113,822, on Thursday.
At the time of this writing, Bitcoin’s price stands at around $117,400.
This is a significant milestone for Bitcoin, as it highlights its resurgence, now higher than its low of around $76,000 in early April. It dropped to nearly $49,000 last August.
Some analysts think that if it reaches $150,000, it’ll set off a buying frenzy. It’s important to note that Bitcoin, just like most cryptocurrencies, can be super unpredictable. Nobody really knows for sure what’s going to happen next.
Some factors contributing to Bitcoin’s surge include the pro-crypto stance of President Trump, which has spurred greater interest from institutional investors. (This group includes entities with substantial buying power, like banks and hedge funds.) These investors are buying up Bitcoin with the expectation that cryptocurrencies will play a more significant role in the financial sector moving forward, consequently driving up the value.
In March, Trump signed an executive order establishing a strategic Bitcoin reserve.