Bitcoin surpassed $111,000 for the first time, with traders increasingly bullish on the prospects of the original cryptocurrency amid mounting institutional demand and support from Donald Trump’s administration.

Bitcoin climbed as much as 3.3% on Thursday to hit a record of $111,878, before paring some of the increase. Smaller tokens also rose in a broad rally, with second-ranked Ether at one point up about 7.3%.

A wave of optimism is buoying Bitcoin after the advancement of a key stablecoin bill in the US senate fueled hopes of greater regulatory clarity for digital-asset firms under President Trump, who is avowedly …