Bitcoin rose above $118,000 on Friday, extending the token's record-setting rally into its third day.

On July 7, the miner announced that it has recorded a rise of 18% in monthly Bitcoin production in June. Thanks to the firm successfully running the Phase 1 infrastructure at the new 100 megawatt (MW) facility in Yguazú, Paraguay, HIVE mined 164 Bitcoin in June. In contrast, the firm mined 139 Bitcoin in May.

Is Bitcoin's rally the real deal or just another short-lived spike? Find out what's powering the world's biggest crypto higher right now.

Find out why the crypto rally is happening, with Bitcoin and other altcoins going up, including the falling US dollar and the crypto week.

Stellar Lumens (CRYPTO: XLM) is rocketing higher Friday afternoon, posting double-digit gains in a broad-based rally sparked by Bitcoin’s (CRYPTO: BTC) historic price movement.

The price of BTC has seemingly been capped at $110,000 for several weeks, with gains quickly reversing each time it approached that level.

Research head of research Markus Thielen points out three factors that may push Bitcoin’s price to new highs by the end of July.

Bitcoin broke through its previous day’s record as investors continued piling into risk assets and liquidated short positions.

Bitcoin just hit $120,000 for the first time ever early Friday, before sliding slightly to around $117,297.10 by the afternoon.