Bitcoin and other cryptocurrencies were rallying on Friday after an executive order from President Donald Trump gave the digital-asset sector a boost. The world’s largest token was up 1.4% to $116,605 over the past 24 hours, according to CoinDesk data. It’s now trading about 5% off the record high it hit in mid-July.

Bitcoin (COIN:BTCUSD) extended its recent rally on Friday, boosted by U.S. President Donald Trump’s new executive order aimed at broadening the range of alternative assets, including cryptocurrencies,

This is yet another channel of sustained, long-term demand for Bitcoin that will bid the price higher,” Ryan Rasmussen, head of research at the crypto asset management firm Bitwise, told Fortune. The rise in the crypto and equities markets follows multiple reports that Trump will sign an executive order Thursday midday that will task the Labor Department to reevaluate guidance for fund managers about whether alternative assets can be included in 401 (k)s.