The record-breaking surge comes amid an ongoing cryptocurrency rally that has been attributed to hedging risks from inflation. Analysts predict there will be a further rise in the coming weeks. 

This latest surge trumps the previous record high, which was set last month when the cryptocurrency reached nearly $67,700. Just five years ago, a single bitcoin was worth approximately $700. This year alone, bitcoin is up by over 130%, while ethereum is also up by an impressive 550%. The rise comes despite concerns surrounding cryptocurrencies by some critics. 

Explaining the rising popularity of crypto, Wilfred Daye, the head of the trading platform Securitize Capital, said: “Inflation is a major consideration for investors today, and the younger generation of investors often favours cryptocurrency as a hedge over gold. In fact, while gold has slid throughout the year, bitcoin and ethereum have more than doubled. Retail investors have played a major role in fuelling this shift and institutional investors are increasingly following suit.”