Bitcoin hit a new all-time high above $123,000 on Monday, up sharply from $108,000 a week earlier, pushing its market cap to $2.4 trillion—making it the world’s fifth most valuable asset.

The surge comes as the U.S. Congress begins “crypto week,” considering multiple pro-crypto bills, including stablecoin regulation and a broader market-structure overhaul.

President Trump has promised to make the U.S. a global crypto hub and his family is heavily invested in the industry, the Associated Press has reported.

Bitcoin’s rally is also driven by strong institutional demand and growing popularity of spot bitcoin ETFs.

Written by B.C. Begley