Bitcoin Tops $118,000 in Another All-Time High

Bitcoin (BTCUSD) topped $118,000 for the first time, surpassing Thursday’s record as it continued to gain from companies adding it to their corporate treasuries and lawmakers passing pro-crypto legislation.

Bitcoin earlier Friday hit $118,755 and is now trading around $117,800. 

Bitcoin has now risen by more than a quarter this year, outpacing the S&P 500’s rise of 7% and surpassing the surge by AI darling Nvidia (NVDA), which Wednesday briefly passed the $4 trillion market value milestone. Nvidia shares, which are edging 0.6% lower in premarket trading, entered Friday up 22% so far this year. 

Bitcoin was surging earlier this year on retail investors buying into ETFs but took a hit, along with the broader stock market, after President Donald Trump imposed his “Liberation Day” tariffs in April. Since then, the cryptocurrency has gained from a wave of companies joining Strategy (MSTR) in loading up on bitcoin. 

Crypto has also gained increased legitimacy with President Trump establishing a strategic bitcoin reserve and the Senate passing the GENIUS Act, a bill that would enable private companies to issue stablecoins. These are cryptocurrencies with their value tied directly to a state-issued currency, often the U.S. dollar.

Ether (ETHUSD), the second-largest cryptocurrency after Bitcoin, also rose and is currently trading near $3,000, continuing its climb since the Liberation Day tariffs in early April.