The price of Bitcoin has risen to approach a new record level, driven by strong demand from institutional investors and buyers from corporate treasuries, which has lifted the overall digital asset market.

The leading cryptocurrency increased by as much as 3.2% to exceed $122,000, nearing the record level set in mid-July. During the weekend, Ethereum also saw a surge, exceeding $4,300, its highest level since December 2021.

These gains come amid growing interest from major investors in cryptocurrencies. Digital asset treasury companies — entities focused on accumulating cryptocurrencies — have so far amassed a Bitcoin inventory valued at $113 billion, according to CoinGecko data. Meanwhile, similar entities for Ethereum have accumulated a value of $13 billion in the token.