Bitcoin continued its 2025 rally over the weekend, trading at about $118,500 early Sunday in Asia. The latest jump brings the token within sight of the psychologically significant $125,000 level and extends year-to-date gains to more than 80%, according to market pricing referenced by traders online. Underlying network fundamentals also improved. Data cited by market participants show Bitcoin’s hashrate — a measure of the computing power securing the blockchain — set a fresh record on Saturday, underscoring sustained investment in mining infrastructure despite rising electricity costs and the recent block-reward halving. Analysts say the combination of stronger fundamentals and a continued influx of institutional capital is supporting the move higher, although they caution that thin weekend liquidity can magnify price swings. Bitcoin’s previous peak was just under $120,000 in June.