Bitcoin hit a record high on Wednesday, jumping as much as 2.4% to $109,499.76.

It's the first record for the world's largest cryptocurrency since January, when the token climbed above $109,200.

The latest surge is being driven by a burst of enthusiasm on recent regulatory developments. On Monday, a landmark crypto bill moved ahead in Congress, with proposed legislation aiming to regulate the stablecoin market moving forward in a bipartisan vote.

After initial resistance from congressional democrats, the so-called GENIUS Act is now up for debate on the Senate floor, clearing the way toward a legislative win for the industry.

But policy enthusiasm extends beyond Capitol Hill. In recent months, bitcoin has climbed on pro-crypto executive orders and the recent passage of legislature to create crypto reserves in New Hampshire and Arizona.

"The acceptance and adoption of bitcoin by governments and institutions, many of which are viewing this asset class as an important portfolio diversification tool, paints a very favorable long-term investment outlook for the digital asset ecosystem," wrote Gerry O'Shea, head of global market insights at Hashdex.

The coin has also benefited from a broader rally in risk assets since tariff chaos has subsided in recent weeks.

With the token up almost 17% year-to-date, bulls expect it to go higher. In the second quarter, Standard Chartered suggested that the token will hit $120,000, while one options wager sees it surging as high as $300,000 by the end of June.