Bitcoin surged beyond the $120,000 barrier for the first time late Sunday, marking yet another record-breaking milestone for the world’s leading cryptocurrency.
The digital asset’s momentum has accelerated over recent weeks, lifting the broader crypto market alongside it.
At approximately 11:42 p.m. EDT on Sunday, Bitcoin broke through the $120,000 level, reaching an intraday peak of more than $121,300 before settling near $120,720—up by over 2.5% in the last 24 hours.
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Since the beginning of 2025, Bitcoin has seen a remarkable 29.3% increase, rallying sharply after the presidential inauguration. Although the price dipped in April to just above $75,000, it began a strong rebound in May, driven by optimism surrounding the anticipated Senate passage of the GENIUS Act.
Other major cryptocurrencies have followed suit. Ether rose to $3,042—an 18% increase over the past week—while Binance’s BNB climbed 5.7% to hit $698.
Despite renewed concerns in the equity markets sparked by President Donald Trump’s latest tariff threats against key trade allies, the crypto market remained largely unaffected through late Sunday.
It took 53 days for Bitcoin to move from $110,000, reached on May 21, to its new $120,000 record. In contrast, it required 167 days to go from $100,000, breached on December 5, 2024, to $110,000. The rally to $100,000 was rapid, however—fueled by Trump’s electoral victory in November, with the price jumping from $80,000 on November 11 to over $90,000 just two days later.
The GENIUS Act proposes the United States’ first regulatory framework for stablecoins—cryptocurrencies pegged to stable assets such as the U.S. dollar. The bill aims to limit price volatility and boost investor confidence, particularly among newcomers to crypto.
According to CoinDesk, the stablecoin market is valued at approximately $238 billion, making it a key area of interest for lawmakers. Provisions in the GENIUS Act would require stablecoin issuers to maintain asset reserves backing their digital currencies and mandate that investors receive priority in the event of issuer insolvency.
“Some analysts have argued the GENIUS Act could make stablecoins a more trustworthy option among new investors,” the report notes.
Bitcoin’s latest breakout follows former President Trump’s Election Day triumph, during which he championed the idea of transforming the United States into the “crypto capital of the planet.”
Trump pledged to reduce regulatory constraints for the digital asset industry and has since announced plans for a national digital asset reserve, modeled after the country’s gold holdings.
The bullish crypto sentiment coincides with fresh highs in traditional stock markets, with both the Nasdaq and S&P 500 hitting new peaks recently. Chipmaker Nvidia became the first company to surpass a $4 trillion valuation, further boosting investor optimism.
Notably, institutional investment in cryptocurrencies is also gaining steam. In May, GameStop disclosed a $513 million purchase of Bitcoin.
Additionally, Trump Media and Technology Group unveiled plans to raise $2.5 billion to create a dedicated Bitcoin reserve.
