Bitcoin extended a rally to rise to a new record above $120,000 Monday, fueled by a rally in bitcoin ETFs. The price of the largest cryptocurrency by market capitalization briefly topped $121,249.90,

Bitcoin has breached another record level, hitting $120,000 for the first time ever. On Monday, Bitcoin was 2.5% higher at $120,637.21 at 12:12 a.m. ET. The world's biggest cryptocurrency has been on a winning streak after hitting record highs for three days last week.

Bitcoin crossed the $120,000 level for the first time on Monday, marking a major milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.