Bitcoin Surges Past $66,000: Will It Reach An All-Time High This Week?

Bitcoin BTC/USD has surged past the $66,000 threshold on Monday, marking a notable recovery from its 24-hour low of $61,769.

This ascent to a peak of $66,351 is underpinned by a substantial trading volume of $42.41 billion and a market cap of $1.28 trillion, reflecting a surge in investor confidence.

This recent peak brings Bitcoin within a mere 5% of its all-time high of $69,044, recorded on Nov. 10, 2021.

The cryptocurrency has already surpassed its previous highs against numerous major and emerging-market currencies over the last week, hinting at potential further increases.

Indications from the futures market, such as a record high in open interest for futures bets at $27 billion according to Coinglass, suggest an influx of new investments.

Additionally, the overall market cap has hit a new record of $2.8 trillion, eclipsing the previous record of $2.7 trillion set in November 2021.

Also Read: Is Bitcoin's Bull Run Stumbling? Record Grayscale Outflows Signal Potential Shift

Amid Bitcoin's impressive performance, meme coins have seen even more dramatic increases, with some registering up to a 30% rise in the last 24 hours.

Pepecoin PEPE/USD, for instance, soared by 30% on Monday, culminating in a weekly upsurge of over 370%, spurred by the momentum generated by Dogecoin and Bonk.

The trading volume for these frog-themed tokens reached an all-time high of $3.6 billion, as per CoinGecko, suggesting that a risk-on sentiment has propelled significant investments into these higher-risk assets.

Pepecoin's performance notably outshined that of Shiba Inu and Dogecoin, despite recent updates to their ecosystems.

Over the past week, DOGE and SHIB have rallied by 170% and 200%, respectively.

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Image created using artificial intelligence with Midjourney.