Bitcoin has once again hit a new milestone, soaringabove $118,000 for the first time and shaking off months of sideways trading.As traders scrambled to cover short positions, institutional demand jumped via ETFs.Behind the surge lies a confluence of forces. Theweakening U.S. dollar, political support from the Trump administration, andfavorable technical signals have created a bullish backdrop for the cryptosector. The launch of spot bitcoin exchange-traded fundsopened the floodgates to retail and institutional money alike, helping to pushBTC into record territory.Trump Administration’s Crypto-Friendly Tone Plays aRoleMarket participants have pointed to President Trump’sperceived support for digital assets as a key tailwind. The currentadministration’s posture, combined with recent legislative activity, isenergizing the industry. Just last month, the U.S. Senate passed the GENIUSAct, the first significant bill aimed at regulating stablecoins. Thelegislation is expected to provide clearer rules for dollar-peggedcryptocurrencies and build consumer confidence.The GENIUS Act has passed the Senate.— Senator Cynthia Lummis (@SenLummis) June 17, 2025The House is set to review the bill next week,continuing what appears to be a coordinated effort to integrate digital assetsmore fully into the U.S. financial system. The crypto industry, one of thelargest political donors during the 2024 campaign, has clearly carved out aplace on Capitol Hill.The rally isn’t confined to Bitcoin alone. Shares ofcrypto-related companies are climbing as well. Software firm Strategy (MSTR),which holds more bitcoin than any other publicly listed company, saw its stockrise nearly 3%. Miners such as MARA Holdings and Riot Platforms also bookedgains, advancing 4% and 2% respectively.Bitcoin’s year-to-date gain now stands at 26%, and its12-month return exceeds 100%. The momentum has reignited interest in a sectorthat had struggled to regain its footing after previous bear markets.Ethereum Trails BitcoinWhile Bitcoin basks in the spotlight, Ethereum isunderperforming. ETH traded at $2,989 as of Friday, up 4% over 24 hours and nearly 20% in the past week. It continues to lag behind Bitcoin in bothnarrative and performance as investor attention remains focused on BTC’sbreakout.Bitcoin’s powerful surge to an all-time high failed tocreate a universal lift for crypto stocks, revealing a more nuanced investorresponse to the digital asset’s momentum. While some firms tied closely tobitcoin’s balance sheet or trading infrastructure rallied, others, includingmajor exchanges and miners, fell behind.Read more: Bitcoin Hits Another Record High, Tops $113,800 on Institutional InflowsWinners: Strategy, Galaxy, and Bitcoin-Heavy FirmsStrategy (MSTR), known for holding the largest bitcoinposition among public companies, advanced 3.2%. Galaxy Digital (GLXY), aprovider of institutional crypto services, followed with a 4% gain.Miners Ride and Stumble on BTC GainsSeveral bitcoin miners saw their stocks rise as thevalue of mined coins increased. MARA Holdings (MARA) added 4%, Hive Digital(HIVE) gained 2%, and Riot Platforms (RIOT) edged up 1.5%.Surprisingly, some high-profile names struggled.Coinbase (COIN) fell 1% despite broader crypto enthusiasm. Circle Internet(CRCL), the issuer of the USDC stablecoin, slid by 8%. Still, Circle’s stock remainselevated, over six times its IPO price of $31 just a month ago.This article was written by Jared Kirui at www.financemagnates.com.