Bitcoin soared to a new all-time high late Wednesday, nearly touching $112,000, driven by growing risk appetite and sustained demand from institutional investors embracing the world’s largest cryptocurrency. The digital asset reached an intraday peak of $111,988.90 and was last trading around $111,259, marking an 18% gain since the start of the year.
Anthony Pompliano, founder and CEO of Professional Capital Management, highlighted bitcoin’s increasing appeal to large investors in a letter to clients:
“Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size… With its market cap now measured in trillions, almost every capital allocator on the planet can put exposure on.”
The rally has been supported by crypto-friendly policies from the Trump administration, which have unlocked more capital for digital assets. For example, Trump Media & Technology Group recently filed to launch an exchange-traded fund investing in multiple cryptocurrencies, including bitcoin, ether, solana, and ripple.
Bitcoin’s surge also boosted the broader cryptocurrency market. Ether, the second-largest token, climbed to a one-month high of $2,794.95, last up 5.4% at $2,740.99. Shares in crypto-related companies also gained, with MicroStrategy rising 4.7% to $415.41 and Coinbase Global up 5.4% to $373.85.