The value of a single bitcoin surpassed $120,000 early Monday, the latest record price for the digital token that has set multiple all-time highs in recent weeks amid bullishness about developments on Capitol Hill and concerns about inflation and the U.S. dollar's declining value.

Bitcoin rose above $118,000 on Friday, extending the token's record-setting rally into its third day.

Crypto-friendly legislation made its way through Congress over the past month and investors displayed growing adoption of a new tool for investment in bitcoin.