The price of bitcoin hit a new all-time high on Wednesday thanks to increased risk appetite among investors and steady demand from institutional investors.
The value of this cryptocurrency rose to a record high of $112,022 during the previous session, but fell 0.5% to $111,185 at 10:11 a.m. on Thursday.
Bitcoin is supported by the favorable policy of US President Donald Trump’s administration towards cryptocurrencies.
In addition, Trump Media & Technology Group, the parent company of Trump’s social network Truth Social, wants to launch a cryptocurrency ETF that will, among other things, invest in Bitcoin.
“Bitcoin is the only asset I know of that becomes less risky as it grows in size,” Reuters quoted Anthony Pompliano, head of Professional Capital Management, as saying.
Since the beginning of the year, the price of Bitcoin has risen by 19%, and in the last 12 months, it has almost doubled.
