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 continued its rapid climb and hit another all-time high Monday as U.S. lawmakers begin a week focused on passing pro-crypto legislation.

The digital currency, which has gained more than 29% for the year thus far, last traded 1.5% higher at $120,893.86.