%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment Options traders have placed a record $42.50 billion U.S. worth of bets on the price of %Bitcoin (CRYPTO: $BTC ) rising in coming weeks and months. Traders are betting that Bitcoin's price will reach $120,000 U.S. and $130,000 U.S. by the end of May, and as high as $300,000 U.S. by the end of June. The bullish bets come as Bitcoin hits a record high of $111,691.50 U.S., rising above the key level of $110,000 U.S. for the very first time. The largest cryptocurrency by market value has pulled back a bit and is currently trading at $110,760.10 U.S. The new all-time high surpassed Bitcoin's previous peak of just over $109,000 U.S. reached in January on the day of U.S. President Donald Trump's inauguration. The new all-time high comes as U.S. Treasury yields spike due to American debt concerns and stocks decline. Traders are betting that Bitcoin has gathering momentum and its price will continue rising in the coming weeks and months. Options bets have been particularly strong during Asian trading hours, hitting record levels above $40 billion U.S., according to market data. Options are contracts that give the owner the right but not the obligation to buy or sell an asset at a predetermined price at a later date. A call option is a bet that an asset's price will rise by a set date, while a put option is a bet that the price will decline. The current options action related to Bitcoin is almost entirely bullish calls that are bets the price of BTC will rise further from current levels. Bitcoin has gained nearly 20% so far this year.