Bitcoin reached a new all-time high in Asian trading on Sunday, surpassing its previous record from mid-August at $125,296.58. As of 08:25 GMT, it was trading at about $124,801, cementing its position as the world’s largest and most valuable cryptocurrency.
The surge has been driven by renewed institutional investment and optimism about more crypto-friendly regulation under U.S. President Donald Trump’s administration.
Bitcoin showed strong momentum late last week, briefly topping $121,000 on Thursday and closing Friday up 0.75% at $120,350 — its highest level in seven weeks.
The token has rebounded nearly 10% over the past week following September’s steep selloff, which wiped out billions in leveraged positions. Traders have also pointed to “Uptober” — the term used to describe October’s historically strong performance for digital assets — as a factor behind the latest rally.
Geoff Kendrick, Global Head of Digital Assets Research at Standard Chartered, said Bitcoin could climb further toward $135,000. Meanwhile, Citigroup has raised its year-end forecast to $133,000, about 12% above current levels, and increased its Ethereum target to $4,500 from $4,375.
