Bitcoin touches another fresh all-time high above $113,000

• Bitcoin climbed over $113,000, notching a new high two days in a row.
• The crypto rallied this week amid a broader shift to risk-on after investors shook off Trump's latest tariff threats.
• Bitcoin's price is up almost 22% this year.

Bitcoin just broke through its second all-time high in less than 24 hours.

The price of the world's biggest cryptocurrency climbed more than 4% around 2 p.m. ET to hit a record of $113,822. It's the second time in two days that the crypto has notched a new all-time high. It briefly surpassed the $112,000 mark on Wednesday before paring gains.

The digital currency is now up 21.3% from levels at the start of the year.

Bitcoin's swift climb has come alongside a broader shift in sentiment as traders recover from Monday's fresh tariff talk from President Donald Trump. Major indexes on Thursday were teetering near record highs, with earnings season on the horizon and bullishness building for strong second-quarter results.

Bitcoin likely picked up on "positive 'risk on' vibes from equities," David Morrison, senior market analyst at Trade Nation, said.

"This is an indication that upside momentum may start to pick up, allowing Bitcoin to rally further. But so far, gains have been slow and steady rather than spectacular," Morrison said.

Gerry O'Shea, the head of global market insights at Hashdex Asset Management, said he believed bitcoin's latest all-time highs signaled more upside to come.

"While the macro environment will continue to remain uncertain, we believe the bull market is far from over and new catalysts, including more institutional platforms allowing access to bitcoin, may help drive the price of BTC to $140,000 or higher this year," O'Shea said in a statement.

Investors are also looking ahead to "crypto week" to begin on July 14. Lawmakers during the week will mull several pieces of legislation aimed at digital assets.

Bitcoin has trended steadily higher this year, but has been volatile since Trump won the November election. Its price has soared as Trump promised to loosen regulations in the sector and appointed crypto-friendly members in his administration. But the crypto also followed the broader market in selling off amid tariff volatility this spring.