Bitcoin hits all-time high of $121,000: Here we decode why
What's the story
Bitcoin has hit an all-time high, crossing the $121,000 mark for the first time ever. The world's largest cryptocurrency is currently trading at $120,893.86 after gaining over 29% this year. The historic milestone comes as investors anticipate policy wins for the digital asset industry in upcoming debates of the US House of Representatives.
Regulatory framework
US House debates bills for crypto regulatory framework
The US House of Representatives is set to debate a series of bills aimed at providing the digital asset industry with a long-awaited regulatory framework. The move has been welcomed by President Donald Trump, who has called himself the "crypto president" and urged policymakers to change rules in favor of the industry.
Market impact
Ethereum hits 5-month high
Bitcoin's record-breaking performance has also triggered a wider rally in various other cryptocurrencies. Ethereum, the second-largest token, hit a five-month high of $3,048.23 today. XRP is also approaching its pivotal resistance at $3. To note, the entire cryptocurrency sector's market capitalization has now ballooned to nearly $3.78 trillion, according to CoinMarketCap data.