Bitcoin surged to an all-time high on Wednesday, surpassing its previous peak from January, as improving global risk sentiment buoyed demand for the world’s largest cryptocurrency.
The digital asset touched a record $109,760.08 and was last trading up 1.1% at $108,117. The rally follows a string of supportive developments, including easing trade tensions between the U.S. and China and Moody’s recent downgrade of U.S. sovereign debt—both of which have prompted investors to seek alternatives to the U.S. dollar.
“Now that January’s high has been surpassed—and the 50% upside from April’s lows achieved—bitcoin enters blue-sky territory, backed by institutional momentum and a favorable U.S. regulatory climate,” said Antoni Trenchev, co-founder of digital asset platform Nexo, in an emailed statement.
Bitcoin continues to exhibit traits similar to high-growth tech stocks, often gaining during periods of bullish investor sentiment. The tech-heavy Nasdaq, for instance, is up 30% since early April.
Adding to bitcoin’s upward momentum is the persistent weakness in the dollar, which has made the cryptocurrency more attractive to global investors.
Market watchers have also pointed to growing institutional adoption as a key driver. This week, JPMorgan CEO Jamie Dimon—long a skeptic of cryptocurrencies—acknowledged that the bank will allow clients to buy bitcoin. Earlier this month, Coinbase was added to the S&P 500 index. However, the company revealed Monday that the U.S. Department of Justice has launched an investigation into a recent data breach.
Trenchev noted that bitcoin remains in the fourth year of its price cycle—the period following a halving event when miner rewards are cut in half. Historically, this phase has delivered strong gains. “While macro uncertainty and the threat of volatility persist, a $150,000 bitcoin in 2025 remains a realistic target,” he said.
Meanwhile, Ethereum’s ether, the second-largest cryptocurrency by market value, failed to mirror bitcoin’s rally. It was last down 0.5%, trading at $2,513.
