The world’s largest cryptocurrency reached $107,998 early in the day, just short of its record $109,224 reached on Inauguration Day in January.

Bitcoin Cash (CRYPTO: BCH) rose 2.6% Thursday morning to $431.48, benefiting from strong momentum across the crypto market as Bitcoin surged to a new all-time high above $111,000.

Bitcoin’s price increase comes after the crypto industry scored a major win with the U.S. Senate advancing legislation that creates a federal framework to regulate the stablecoins, a fast-growing form of cryptocurrency whose values are often tied to the U.S. dollar.