Bitcoin Rally Pushes Biggest Token Further Into Record Territory

Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand and support from Donald Trump’s administration.

Bitcoin climbed as much as 3.4% on Thursday to hit a record of $111,980, before paring some of the increase. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3%.

The new highs came on the same day that the president was hosting a dinner for top holders of his own $Trump memecoin at his golf club near Washington, an event that has drawn ...