The Bitcoin broke the $120,000 barrier for the first time in its history, marking a new period of strong growth for the top digital currency. The boost came mainly from the re-election of Donald Trump, as well as a rebound in stock market indices, which returned to historic highs.

After a period of stagnation near $100,000, concerns around Trump’s policies had tempered the initial enthusiasm for his administration’s pro-crypto-currency stance. However, the rise in equities and the increasing influx of institutional capital into the Bitcoin and Ethereum ETFs appears to have given the market a new boost.

“This rally shows a more mature approach to Bitcoin – not just as a speculative instrument, but as a macro hedge and a value-preserving instrument,” said George Madress, senior trader at XBTO Trading. “The rise is based on favorable risk appetite and strong ETF inflows, with lower volatility compared to previous bullish phases.”

Bitcoin rose as much as 1.9% to $121,344, up 30% since December. In the previous year it had more than doubled. The upward momentum has swept other digital assets along: ethereum rose 1.5%, while XRP and Solana rose about 2.7%.