Bitcoin (BTC) clinched a fresh record high above $112,000 on Thursday, attempting to break away from the range it has been trading in for months.
The largest and oldest cryptocurrency hit $112,702 during the U.S. session, CoinDesk price data shows. It was up 2.8% over the past 24 hours.
The new record comes less than a day after it briefly topped $112,000 on some exchanges, then retreated below $111,000 in the later hours.
Bitcoin’s rally to new highs was buoyed by strong inflows into ETFs, relentless corporate adoption by crypto treasury companies and an increasingly favorable regulatory climate, Gerry O’Shea, head of global market insights at Hashdex, said in a note.
“While the macro environment will continue to remain uncertain, we believe the bull market is far from over and new catalysts, including more institutional platforms allowing access to bitcoin, may help drive the price of BTC to $140,000 or higher this year,” he said.
The broader crypto market was also climbing higher on Thursday. Ethereum’s ether (ETH) topped $2,800 and was up more than 5%, while XRP (XRP) gained 3.5%. The broad-market CoinDesk 20 Index advanced 3.4% to its strongest level since May.