Bitcoin Overtakes Gold as 2025’s Top Asset After Hitting $122,000
TLDR
- Bitcoin surged past $120,000 for the first time on Monday, setting a new all-time high of $122,571.19 before settling around $121,952.61, up 2.4% on the day
- The rally comes ahead of a critical week in Washington, where lawmakers will debate long-awaited crypto legislation
- Trump's support, alongside growing institutional demand and sustained bullish momentum, has sent Bitcoin up 29% year-to-date, outperforming gold’s 27% gain in 2025 so far
Bitcoin surged past $120,000 for the first time on Monday, setting a new all-time high of $122,571.19 before settling around $121,952.61, up 2.4% on the day. The rally comes ahead of a critical week in Washington, where lawmakers will debate long-awaited crypto legislation, including the Genius Act—a potential breakthrough in federal stablecoin regulation.
President Donald Trump, who has called himself the “crypto president,” has publicly backed the sector, urging policymakers to overhaul digital asset rules in favor of innovation. His support, alongside growing institutional demand and sustained bullish momentum, has sent Bitcoin up 29% year-to-date, outperforming gold’s 27% gain in 2025 so far.
“This is more than just a momentum rally—it’s a structural shift,” said Gracie Lin, CEO of OKX Singapore, citing growing interest from Asian wealth managers and even central banks, which are beginning to view Bitcoin as a reserve asset.
The crypto market’s total capitalization has swelled to $3.81 trillion, while Ether rose above $3,059, and XRP and Solana each gained 3%. In Hong Kong, spot crypto ETFs from China AMC, Harvest, and Bosera also hit record highs.
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Key Takeaways
Bitcoin’s surge to new highs comes amid anticipation of major U.S. crypto legislation, yet analysts warn the backdrop may not be entirely bullish. According to Charlie Bilello, chief market strategist at Creative Planning, Bitcoin and gold are the two top-performing assets of 2025—a rare pairing historically associated with investor anxiety, not risk-on optimism. “When these two lead, it typically reflects fear in the system,” Bilello said. That fear could stem from geopolitical instability, currency debasement concerns, or skepticism about equities as global markets navigate higher interest rates and trade uncertainty, amplified by Trump’s tariff measures. Still, the rise in regulated investment vehicles—such as ETFs in Asia—and growing retail and institutional adoption suggest this rally may be more infrastructure- and policy-backed than in past cycles. The question now is whether Bitcoin’s momentum can sustain above $125,000, or if this signals a short-term top in a risk-sensitive environment.
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