Bitcoin surged to an all-time high in early Asian trading on Thursday, breaking through $124,000 and overtaking the market capitalisation of Google parent Alphabet. The rally, fuelled by strong institutional demand, rising corporate adoption, and supportive US policy, has strengthened expectations that the upward momentum could continue in the coming weeks.
The world’s largest cryptocurrency briefly touched $124,450 late Wednesday before easing slightly, pushing its market value to $2.456 trillion and making it the fifth-largest asset globally. The move cemented Bitcoin’s hold above the $120,000 support level. Other major cryptocurrencies also gained, with Ethereum trading above $4,750 and Solana, Cardano, and Dogecoin all posting double-digit weekly increases. Only XRP lagged behind, hovering near $3.24.
The surge comes amid record inflows into US spot Bitcoin exchange-traded funds (ETFs), increased balance-sheet allocations from major corporations, and a series of pro-crypto policy moves from the administration of President Donald Trump. Year-to-date, Bitcoin has climbed more than 31 per cent and is up about 60 per cent from April’s lows.
Nigel Green, chief executive of financial advisory firm deVere Group, described the rally as the result of “multiple, powerful forces converging” — including institutional ETF buying at record volumes, corporations using Bitcoin as a strategic reserve asset, and growing sovereign profits from national holdings. “This is part of a deep, systemic shift in the global financial system,” Green said.
ETF trading data highlights the scale of institutional involvement. BlackRock’s iShares Bitcoin Trust led with $3.7 billion in daily turnover, followed by Fidelity’s FBTC with more than $500 million. Corporate reserves have also reached record levels; Michael Saylor’s firm, Strategy, now holds $77.2 billion in Bitcoin, exceeding last year’s peak by $35 billion. El Salvador’s holdings have grown to $768 million, with an estimated $468 million in unrealised profits.
Policy developments in Washington are adding further tailwinds. Last week, President Trump signed an executive order directing the US Labour Department to explore allowing 401(k) retirement plans to invest in cryptocurrencies, potentially broadening Bitcoin’s exposure to millions of Americans.
Market analysts point to Bitcoin’s fixed supply as a key driver for continued price appreciation. As more institutions and governments acquire the asset for long-term holding, the available supply for trading diminishes. Green reaffirmed his year-end price target of $150,000, arguing that structural demand is “overwhelmingly positive” despite short-term volatility.
While strategists caution that Bitcoin’s rapid ascent could trigger sharp corrections if market sentiment shifts, they also note that the current rally is led by long-term institutional commitments rather than speculative retail buying. With $125,000 now in sight, traders are debating whether the next milestone could be reached in days rather than weeks.
