As risk sentiment continues to strengthen following last month’s tariff-induced sell-off, the price of Bitcoin reached its highest level on record on Wednesday, surpassing the previous high from January.
The biggest cryptocurrency in the world reached a peak of $109,481.83, a 2% increase for the day.
Sometimes, when investor enthusiasm is high, Bitcoin trades similarly to tech stocks and other assets that appreciate in value. The tech-heavy Nasdaq has risen 30% since its bottom in early April.
Additionally, the dollar’s ongoing decline has coincided with this, which has helped bitcoin’s exchange rate relative to the US dollar.
