Bitcoin broke its historic price record for the second time in one day, surpassing $118,000 in global market trading after setting a new high above $116,000 overnight.

The cryptocurrency climbed past $118,400 in recent trading, with increased demand from institutional investors serving as the primary driver of today's price surge, Reuters reported on July 11.

Bitcoin is currently trading at $118,006, representing a rise of more than 6% over the past 24 hours, Fararoo reported on July 11.

The weakening US dollar in global markets has contributed to bitcoin's price increase, according to some market analysts. The US currency has recorded its worst six-month performance in more than 50 years, losing 11% of its value in recent months.

Analysts believe bitcoin's price surge is directly linked to growing concerns about America's soaring public debt and the country's economic downturn due to US President Donald Trump’s erratic tariff policies.

The cryptocurrency has gained 60% since April, reflecting broader investor appetite for alternative assets amid traditional market uncertainties.

Institutional investment has played a crucial role in driving bitcoin's latest rally, with corporate and fund managers increasing their cryptocurrency allocations.

The digital asset's performance comes as investors seek hedges against currency devaluation and economic instability in major economies.

Bitcoin's meteoric rise has reinforced its position as a store of value asset, particularly during periods of monetary uncertainty and inflation concerns.

The surge past $118,000 marks another milestone in bitcoin's volatile but generally upward trajectory since its creation over a decade ago.

"Bitcoin is currently trading at $118,006, representing a rise of more than 6% over the past 24 hours," market data showed.