Bitcoin hit a new all-time high of S$143,951 (US$111,459) on May 22 (Singapore time).
The first cryptocurrency rallied over the past three days to brush past the previous high set in January 2025, following United States president Donald Trump taking office.
What caused rally
The current rally was attributed to optimism that more Wall Street players are piling into bitcoin.
Another reason could be because investors are looking for alternative stores of value.
Bitcoin's new high took place as the U.S. stock markets fell on Wednesday (U.S. time).
Bitcoin has typically correlated with equity markets, particularly the tech-heavy Nasdaq.
However, this current trend has resulted in the diverging movements of bitcoin and stocks.
Some positive developments in the crypto space on the regulatory front could have also pushed prices up.
The GENIUS Act, a bill to regulate stablecoins, cleared a key procedural vote in the U.S. Senate.
Additionally, JPMorgan CEO Jamie Dimon, a notable bitcoin sceptic, said the bank will allow clients to buy the digital currency.
An optimistic projection is for bitcoin to hit S$258,304 (US$200,000) by end of 2025.
Not all smooth-sailing
It has not been all smooth-sailing as bitcoin experienced volatile price swings in the months prior.
After Trump hit dozens of nations, including Canada and Mexico, with steep tariffs in April, Bitcoin sank to as low as US$76,300 (S$98,530) in the second week of April.
The rebound only came in the last few weeks and is up about 46.1 per cent since the April lows.
Top photo via Unsplash
