Nigeria, May 22 -- Bitcoin reached an all-time record high, buying above $109,000 for the first time, as investors' risk appetites grew again and drove an overall rally in crypto markets.

On Wednesday, the leading digital currency traded to a record intraday high of $109,760 and was still trading above $108,000 at last check.

The rally is a market mood shift where risk appetite leads, after uncertainty is instigated by economic volatility and trade wars. The Moody's downgrade of U.S. sovereign credit ranks among them, leading the rally, which compelled investors into other assets like Bitcoin. Others perceive the cryptocurrency as an inflation hedge, and when confidence in fiat money like the dollar diminishes.

Institutional demand is ...