The price of bitcoin surpassed $120,000 for the first time late on Sunday, the latest milestone for the world's most valuable cryptocurrency, which has continued to rally over the past few weeks alongside other top tokens. Bitcoin breached the $120,000 mark at around 11:42 p.m. EDT on Sunday night.

Bitcoin, the world's largest cryptocurrency, crossed the $120,000 mark for the first time in history on Monday. The digital currency, which has gained more than 29% for the year thus far, last traded 1.

Bitcoin scaled a record high of $123,153.22 before pulling back slightly to trade 2.4% higher around $122,000. Later in the day, 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.