Bitcoin crossed the $120,000 level for the first time on Monday, marking a major milestone for the world's largest cryptocurrency as investors bet on long-sought policy wins for the industry this week.

Starting on Monday, the U.S. House of Representatives will debate a series of bills to provide the digital asset industry with the nation's regulatory framework it has long demanded.

Those demands have resonated with U.S. President Donald Trump, who has called himself the "crypto president" and urged policymakers to revamp rules in favor of the industry.

Expectations of further tailwinds for the industry helped propel bitcoin to yet another record high of $121,207.55 in the Asian session on Monday. It last traded 1.5% higher at $120,856.34.

The surge in bitcoin, which is up 29% for the year thus far, has sparked a broader rally across other cryptocurrencies over the past few weeks even in the face of Trump's chaotic tariffs.

Ether, the second-largest token, scaled an over five-month top of $3,048.23 on Monday and last stood at $3,036.24.

The sector's total market value has swelled to about $3.78 trillion, according to data from CoinMarketCap.