Bitcoin (CRYPTO: BTC) hit a new all-time high of $124,000 overnight on Wednesday, fueled by the inclusion of cryptocurrency investments in 401(k) retirement plans and macroeconomic optimism.

The Ascent Continues

The apex cryptocurrency outperformed its previous best of $123,091, with trading volume jumping 26% to $93.06 billion in the last 24 hours.

Bitcoin is up over 32% so far this year. The latest spike comes on the heels of President Donald Trump‘s executive order making it easier for alternative investments, including private equity and cryptocurrencies, to be added to 401(k) accounts.

Investors also raised their appetite after July’s consumer price index came in lower than expected, boosting hopes of a Federal Reserve rate cut in September.

Price Action: At the time of writing, BTC was trading at $124,387.22, up 3.67% in the last 24 hours, according to data from Benzinga Pro.

Read Next: 

What Happens When A Country Builds Real Banks Around Bitcoin? El Salvador Is About To Show Us