Bitcoin soars beyond $120,000 for first time

Bitcoin

Bitcoin breached $121,000 for the first time amid strong investor optimism about cryptocurrencies.

Bitcoin leapt 1.96% to $121,342 at 8:05 am Makkah time, according to Coinbase data, marking a new record high.

It has surged by approximately 30% since December.

Meanwhile, Ethereum climbed 1.65% to $3,047.46, Ripple climbed 3.05% to $2,935.9, and Dogecoin soared 4.02% to 20.91 cents. Meanwhile, the virtual Trump Coin gained 2.30% to $9.895.

Cryptocurrencies are regaining momentum after a sharp rally following Donald Trump’s election, during which Bitcoin stabilized above $100,000 for several months. However, it later declined amid concerns over the Trump administration’s policies, including tariffs and his pro-market agenda.

Bitcoin’s cleared $120,000, but the real test is $125,000, Bloomberg reported, citing Rachael Lucas, a crypto analyst at BTC Markets.

While short-term profit booking can be expected, “the uptrend has been driven by strong demand from exchange traded funds", Rachael added.

“Support at $112,000 and any dip looks like a buying opportunity, not a reversal,” she noted.