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Bitcoin climbed to an all-time high of more than $124,000 during early Asian trading on Thursday by over a 2% daily gain, surpassing its previous peak set in July, which stemmed from a U.S. legislation act proposed by U.S. President Donald Trump.
In July, U.S. President Donald Trump signed the GENIUS Act, establishing the country’s first federal framework for stablecoins, which proposes requirements for issuers to hold full reserves in liquid assets and disclose them monthly to improve transparency and consumer protection.
The rally lifted the cryptocurrency’s market capitalization to $2.44 trillion, according to data from Coinbase.
Bitcoin’s momentum also came as U.S. equities posted broad gains on Wednesday. The Dow Jones Industrial Average, which tracks 30 large industrial companies, advanced more than 1%, while other major indices also closed higher.
Meanwhile, ether, the second-largest cryptocurrency by market capitalization, rose to $4,780 with a 2.6% daily gain, marking its highest level since late 2021. Its market capitalization now exceeds $571 billion.
The latest rally was also supported by rising ETF demand as more than $86 million poured into U.S.-listed bitcoin exchange-traded funds (ETFs), while weekly net inflow surpassed $1 billion. Total ETF holdings have now reached $154 billion, underscoring institutional demand for exposure to the cryptocurrency.
Increased activity among so-called “whales,” or large holders of cryptocurrency, was also notable, with their collective bitcoin holdings rising by 3.3% over the past month.
In addition, data from Coinglass showed that traders betting against bitcoin—through short positions—may face large-scale liquidations if the price approaches the $129,000 level.
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