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Bitcoin (BTC-USD) soared to an unprecedented high above $124,000 (£91,000) during early Thursday trading, marking the peak of a week-long surge that has electrified the cryptocurrency

market.

After hitting the milestone, the price pulled back slightly to around $121,700, but the digital asset remains up more than 6% over the past week. The move decisively beat its previous July record of just over $120,000.

Market analysts say the rally underscores the increasingly blurred line between digital currencies and traditional financial assets.

“Bitcoin’s latest rally reflects the blurring lines between crypto and traditional assets, happening faster than institutional adoption timelines predicted,” said Will K, CEO of VOOI and co-founder of Symbiosis.Finance.

 “While ETFs brought institutions into bitcoin, retail traders are returning to evolved decentralised platforms that have shed their clunky origins.”

The crypto upswing comes as investors pour capital back into both established tokens like Ethereum (ETH-USD) and newer decentralized finance (DeFi) ecosystems, suggesting momentum is building across the sector. Photo by Jorge Franganillo, Wikimedia commons.