Bitcoin briefly rose above $112,000 to a record high Wednesday afternoon. However, the rally may stall if the trade tensions intensify, according to some analysts.

Bitcoin rose to an all-time high near $112,000 late on Wednesday, bolstered by an increase in risk appetite and persistent institutional demand.

That’s the highest price ever recorded for Bitcoin on Coinbase, surpassing the previous high of $111,891 set in May. With this latest surge, Bitcoin is up nearly 20% since the start of the year. The sudden move stunned traders and rekindled hopes among Bitcoin’s faithful.