Why the Afterpay (ASX:APT) share price just smashed its record high

The Afterpay Ltd (ASX: APT) share price has reached the magic $120 mark today as it continues to break records. Shares of the buy now, pay later (BNPL) giant reached as high as $120.77 intraday trade, but have since retreated to $120.31, up 4.98% at the time of writing.

It has been an incredible week for the Afterpay share price, which is up 25% in just the last 5 days. Its recent performance means shares in the company have now climbed an astounding 315% since this time last year.

What has been driving the Afterpay share price?

Afterpay needs no introduction, despite only joining the S&P/ASX 200 Index (ASX: XJO) 2 years ago. Its shares have been rising ever since.

Recently Afterpay became part of an exclusive club, storming into…