Bitcoin Soars to Record High Above $116,000 as Crypto Rally Gains Steam
Bitcoin (BTC) surged to a fresh all-time high on Thursday, climbing past $116,000 as bullish sentiment swept through the crypto markets. The leading cryptocurrency hit an intraday peak of $115,469 during U.S. trading hours, gaining 4.3% over the previous 24 hours, based on CoinDesk data.
This breakout ends weeks of range-bound trading, during which bitcoin struggled to maintain levels above $112,000. Just a day earlier, it briefly crossed that threshold before slipping below $111,000. Compared to the same time last year, when BTC traded near $57,704, the price has now doubled despite periods of significant volatility.
Gerry O’Shea, Head of Global Market Insights at Hashdex, attributed the surge to strong inflows into bitcoin exchange-traded funds, growing corporate interest in holding BTC as a treasury asset, and a more favorable regulatory backdrop.
“Although the broader macroeconomic environment remains uncertain, we believe there’s still significant room for bitcoin to climb,” O’Shea said. “New institutional channels could push BTC toward $140,000 or higher before year’s end.”
Other major cryptocurrencies also posted gains on Thursday. Ethereum (ETH) advanced more than 5%, trading above $2,800, while XRP rose 3.5% to about $2.8180. Meanwhile, the CoinDesk 20 Index, which tracks performance across major digital assets, rose 3.4%, reaching its highest level since May.
