Bitcoin soared to a fresh record on Wednesday amid increasing acceptance of cryptocurrencies on Capitol Hill and Wall Street.

Both Bitcoin and Ethereum exchange-traded funds this week brought in huge amounts of cash as investors rapidly buy up crypto assets.

While people in the crypto space celebrated Bitcoin Pizza Day, the crypto king price shot up hitting a new all time high of $111,889.

Bitcoin rose to a new all-time high on Wednesday, breaking its January record.The price of the flagship cryptocurrency was last higher by 2% at $108,955.10, according to Coin Metrics. Earlier, it rose as high as $109,

The Bitcoin price has hit a new all-time high (ATH) of $111,861, overtaking Amazon's stock to become the fifth-largest asset by market cap.

Bitcoin (BTC) price stabilizes above $106,000 on Wednesday, a few inches away from its all-time high (ATH) of $109,588 set on January 20. BTC’s Open Interest (OI) has surged to a new record high of $75.14 billion, mirroring the setup of previous bullish cycles.

Bitcoin soared to record levels before dropping like a stone later in the day. U.S. equities saw their positive streak cut short.

An analyst who called the 2021 crypto market meltdown says that a significant Bitcoin (BTC) correction is likely to occur before new all-time highs are met.