Bitcoin surged to an all-time high late Wednesday, peaking at $111,988.90 as institutional demand and a broader risk-on mood among investors fueled a rally across the cryptocurrency market.

The world’s largest digital asset was last up 0.4% at $111,259, marking an 18% gain since the start of the year. The latest rally reflects a growing embrace of crypto by traditional financial players, with Bitcoin’s market cap now comfortably in the trillions.

“Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size,” wrote Anthony Pompliano, CEO of Professional Capital Management, in a note to investors. “Now that the asset is measured in trillions, almost every capital allocator on the planet can put the exposure on.”

The Trump administration’s favorable stance on cryptocurrencies has also provided momentum, with policies encouraging greater capital flows into digital assets. Notably, Trump Media & Technology Group (DJT.O), run by the president’s family, has filed plans with U.S. regulators to launch an exchange-traded fund (ETF) covering multiple cryptocurrencies, including bitcoin, ether, solana, and ripple.

The bullish sentiment spilled over into other digital assets. Ether, the second-largest cryptocurrency by market cap, rose 5.4% to $2,740.99, having earlier touched a one-month high of $2,794.95.

Crypto-linked equities also posted gains. MicroStrategy (MSTR.O), a major corporate holder of bitcoin, climbed 4.7% to $415.41, while Coinbase Global (COIN.O), a leading crypto exchange, advanced 5.4% to $373.85.

With growing institutional involvement and supportive policy signals, analysts suggest the market may be entering a new phase of maturity and mainstream adoption