Bitcoin reached an all-time high due to the demand from institutional investors and the favorable policies of the Trump administration in the United States.

In the Asian session on Friday, the world’s largest cryptocurrency reached a high of $116,781.10, bringing its year-to-date gains to over 24%.

In March, Trump signed an executive order to establish a strategic reserve of cryptocurrencies.

Additionally, he has appointed several crypto-friendly individuals, such as Securities and Exchange Commission Commissioner Paul Atkins and White House artificial intelligence czar David Sacks.

Trump’s family businesses have also entered the cryptocurrency market. According to an SEC filing this week, Trump Media & Technology Group (DJT.O) is planning to establish an exchange-traded fund to invest in a variety of crypto instruments, including Bitcoin.

Ether, the second-largest cryptocurrency in the world, experienced a comparable increase of over 5% to close at $2,964.02 in the most recent transaction. This value had previously reached a five-month high of $2,998.41.