Bitcoin notched an eighth all-time record peak of this year on Monday as the price of the world's biggest cryptocurrency rocketed above $120,000 for the first time.

Bitcoin reached a new all-time high on Monday, as investors looked forward to a busy week for crypto legislation. The price of bitcoin jumped around 3% briefly on Monday, trading as high as $123,166 — a new record for the crypto. After hitting this level, bitcoin cooled slightly, falling below $120,000.

Bitcoin breached $120,000 for the first time, with investor enthusiasm showing few signs of dimming as the US House of Representatives prepares to consider key industry legislation during its “Crypto Week” starting Monday.