Bitcoin prices surged to another all-time high Monday, taking the total value of the cryptocurrency in circulation to more than $37.5 billion.

Bitcoins were marked at $2,120 each on the Bitsmap exchange in Europe at 08:45 BST, a more than $100 increase from last week's close and a more than 51% increase from the beginning of the month.

The gains followed news that Ledger Holdings, the parent company of the bitcoin options exchange LedgerX, said it had closed $11.4 million in new financing as it awaits approval from the Commodity Futures Trading Commission for the first U.S.-based trading and clearing house for the virtual currency.

"In the short term, these investments will further our application to become a regulated exchange and clearing house for bitcoin options," said LedgerX CEO Paul Chou. "In the long term, these strategic investors will help us enter additional marketplaces and territories."

Bitcoin's gains have also mirrored declines in the U.S. dollar and surge in trading activity in Japan, where it was deemed as 'legal tender' by the government and began being used as a common form of payment as of April 1.

The U.S. dollar index, a measure of the greenback's strength against a basket of six major currencies, has fallen more than 1.9% since the beginning of the May amid investor concern over the fate of President Donald Trump's tax reform and stimulus spending strategies as his administration grapples with myriad allegations related to his ties with officials in Russia.

Over that same time period, spot gold prices, a traditional "safe-haven" for investors transitioning from riskier bets, have fallen around 1% to $1,255 per ounce.

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