Bitcoin has hit a new all-time high after surging in price by more than six per cent in the space of a few hours on Friday morning.
The world’s leading cryptocurrency reached above $118,000 (£87,000) for the first time in its history, having traded below $80,000 as recently as April.
The broader crypto market also experienced big gains, with ethereum (ETH), Solana (SOL) and dogecoin (DOGE) all rising by more than seven per cent.
The new record puts bitcoin’s market cap above $2.3 trillion, ranking it above tech giants like Alphabet (Google) and Meta. While still only a fraction of gold’s estimated market cap of $22 trillion, it has now overtaken silver.
The record-breaking rally began in the wake of Donald Trump’s “Liberation Day” announcement on 2 April, which disrupted traditional markets and saw investors and institutions turn to alternative assets like bitcoin as a hedge against macroeconomic turmoil.
More to follow.
