Bitcoin Smashes Through $122K as Crypto Week Kicks Off in the US

Bitcoin surged to a new all-time high early Monday in Asia, touching $122,500 on Coinbase and reaching $122,376 across major spot markets. The asset has gained 3.5% in the past 24 hours, pushing its market cap to $2.4 trillion and overtaking Amazon in the global asset rankings.

The breakout builds on last week's momentum, which began when BTC entered price discovery above $118,000. This new leg up coincides with a pivotal week in the US dubbed “Crypto Week,” with multiple pro-crypto bills up for discussion in Congress. These include the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance State Act.

Speculation is mounting around a potential announcement of a US Bitcoin reserve strategy, while the fiscal impact of Trump’s newly proposed spending package is adding fuel to the narrative of long-term currency debasement. Analysts see continued upside ahead, with liquidation-driven rallies flipping sentiment firmly bullish.

Elsewhere, real-world asset (RWA) tokenization has emerged as the best-performing sector, gaining 13% and outpacing both meme coins and AI-related tokens. Chainlink, Avalanche, Ondo Finance, and Algorand are leading that rally.

Ethereum, while more subdued, broke above $3,050 — its highest level since February — continuing its recovery alongside broader market strength.