Bitcoin tops $111,000 for first time as US optimism lifts cryptocurrencies

Bitcoin surpassed $111,000 for the first time to reach a record high, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand.

Bitcoin climbed as much as 3.3 per cent on Thursday to hit a record of $111,878, according to data compiled by Bloomberg. Smaller tokens also rose, with second-ranked Ether at one point up about 5.5 per cent.