Bitcoin hit a new record late Wednesday as ether climbed even closer to its all-time high. The flagship cryptocurrency rose as high as $124,496, surpassing its July record of 123,193.63, according to Coin Metrics. Ether rose to $4,791.19 overnight, edging closer to its 2021 record of $4,866.01.

Bitcoin hit a fresh record high close to $124,500 early on Thursday as the institutional adoption of crypto and U.S. government support for the sector continued to buoy demand. Bitcoin fell back a bit later in the day but remains up 112% over the past 12 months,

Bitcoin hit a new high of more than $124,000 overnight but the largest cryptocurrency and Ether are retreating from recent highs.