Bitcoin Smashes New Record, Surges Past $116,000

Bitcoin (BTC) soared to a new all-time high above $116,000 on Thursday, breaking free from the trading range that has confined it for months. The world’s largest cryptocurrency touched $115,469 during the U.S. session, marking a 4.3% gain over the past 24 hours, according to CoinDesk data.

The rally follows several recent attempts to breach the $112,000 level. Just a day earlier, BTC briefly topped that mark on some exchanges before slipping back below $111,000. Compared to a year ago—when Bitcoin traded at $57,704—the price has now doubled, despite periods of volatility and a partial pullback earlier this spring.

Driving Bitcoin’s record-setting move are strong inflows into crypto ETFs, ongoing corporate adoption by companies adding BTC to their treasuries, and a more favorable regulatory environment, said Gerry O’Shea, head of global market insights at Hashdex.

“While the macro environment remains uncertain, we believe the bull market is far from over,” O’Shea wrote in a note. “New catalysts, including more institutional platforms offering access to bitcoin, could push BTC toward $140,000 or higher this year.”

The bullish sentiment extended across the crypto market on Thursday. Ethereum’s ether (ETH) jumped over 5%, trading above $2,800, while XRP climbed 3.5% to reach $2.8180. Meanwhile, the CoinDesk 20 Index, which tracks the broader market, advanced 3.4% to its highest level since May.