NEW YORK:Bitcoin climbed to an all-time high near $112,000 late on Wednesday, driven by increased risk appetite and sustained institutional demand as traditional financial market players continued to embrace the world’s largest cryptocurrency.
The digital asset touched a record peak of $111,988.90 and was last up 0.4% at $111,259. Since the beginning of the year, bitcoin has gained more than 18%.
“Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size,” wrote Anthony Pompliano, founder and CEO of Professional Capital Management, in a letter to investors. “There were few sophisticated capital allocators who could gain exposure when bitcoin was at a $100–200 billion market cap. Now that the asset is measured in trillions, almost every capital allocator on the planet can get exposure.” The Trump administration’s crypto-friendly policies have further boosted digital assets, unlocking new pools of capital for the sector. For example, Trump Media & Technology Group , run by the US president’s family, plans to launch an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including bitcoin, ether, solana, and ripple, according to a filing with the US market regulator on Tuesday.
Bitcoin’s rally extended to other cryptocurrencies. Ether, the second-largest digital currency by market capitalization, hit a one-month high of $2,794.95 and was last up 5.4% at $2,740.99.
Crypto-related stocks also posted gains. MicroStrategy , co-founded by bitcoin advocate Michael Saylor, rose 4.7% to $415.41, while Coinbase Global advanced 5.4% to $373.85.
Meanwhile, Wall Street continued to hit record highs, brushing off tariff threats from President Trump.— Reuters
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