Key Takeaways Bitcoin powered past $112,000 to another record high yesterday, its first since late May, before consolidating in early trade on Thursday.Bitcoin’s price nudged above the top trendline of a descending channel Wednesday,

Bitcoin rose to an all-time high near $112,000 late on Wednesday, bolstered by an increase in risk appetite and persistent institutional demand.

That’s the highest price ever recorded for Bitcoin on Coinbase, surpassing the previous high of $111,891 set in May. With this latest surge, Bitcoin is up nearly 20% since the start of the year. The sudden move stunned traders and rekindled hopes among Bitcoin’s faithful.