Bitcoin hovers near all-time high

Coins are displayed next to a Bitcoin ATM in Hong Kong. THE CANADIAN PRESS/AP/Kin Cheung

Bitcoin hovered near its record high on Monday as the world’s largest cryptocurrency by market value continued to benefit from strong demand from investors.

The rally in bitcoin since the start of the year has been underpinned by flows from institutional investors, friendlier policies of the administration of U.S. President Donald Trump, and increasing connection with global financial systems.

Bitcoin climbed above US$125,000 for the first time on Sunday, rising to $125,653.32. It was last up 1.66 per cent to $124,861.70, on course for the second straight session of gains. It is has gained more than 33% this year.

(Reporting by Chibuike Oguh in New York; Editing by Chizu Nomiyama)