Bitcoin hovers near all-time high
Bitcoin hovered near its record high on Monday as the world’s largest cryptocurrency by market value continued to benefit from strong demand from investors.
The rally in bitcoin since the start of the year has been underpinned by flows from institutional investors, friendlier policies of the administration of US President Donald Trump, and an increasing connection with global financial systems.
Bitcoin climbed above $125,000 for the first time on Sunday, rising to $125,653.32. It was last up 1.88% to $125,081.85, on course for the second straight session of gains. It has gained more than 33% this year.
“Bitcoin is the hurdle rate. If you can’t beat it, you have to buy it. And I think the next 12 weeks are going to be very fun for bitcoin holders,” wrote Anthony Pompliano, founder and CEO of Professional Capital Management, in a letter to investors on Monday.
Bitcoin’s ascent has coincided with the weakness of the U.S. dollar against major peers as some investors sought to diversify away from US assets in the wake of uncertainty in trade tensions from Trump’s tariffs.
The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was flat at 98.12. It is down nearly 10% this year.
