Title: bitcoin Nears All-Time High as Market Cap Surges to $2.8 Trillion: Meme Coins Take Center Stage with Record-Breaking Gains
contact markets opened bright and early on Monday with bitcoin (btc) making a significant move upward, surpassing the $65,000 mark and approaching its all-time peak of $69,000 that was established in November 2021. This impressive bullish momentum came alongside a noteworthy increase in the value of bullish bets, which hit a new record high. In fact, bitcoin saw an impressive gain of over 6% within the past 24 hours while the CD20 index, which reflects various tokens’ performance, rose by a robust 5.6%.
The largest cryptocurrency by market capitalization is now just 5% away from its record high in U.S. Dollar terms. Moreover, it has recently surpassed peak prices against several major and emerging-market currencies. The futures market has also indicated further potential gains as open interest, which reflects the number of unsettled futures bets, reached an all-time high of $27 billion. This surge in open interest suggests a substantial influx of new capital into the market. In conjunction, bitcoin’s market capitalization has reached a record $2.8 trillion, surpassing the previous milestone of $2.7 trillion that was achieved in November 2021.
Meme coins make a splash
As bitcoin continues to dominate the headlines, meme coins have managed to steal the spotlight with their exceptional performance. Pepecoin (PEPE), for instance, experienced a stunning surge of 30% on Monday, building upon its already impressive weekly gains of over 370%. This surge was part of a broader rally fueled by meme coins such as dogecoin (DOGE) and bonk (BONK), which also saw notable gains. Trading volumes for these frog-themed tokens reached lifetime highs, reaching a staggering $3.6 billion, according to CoinGecko data.
Pepecoin’s meteoric rise
Despite the impressive performance of established meme coins like Shiba Inu (shib) and dogecoin (DOGE), which rallied by 170% and 200%, respectively, within the past week due to recent ecosystem upgrades, Pepecoin’s meteoric rise of 370% in just one week highlights the exuberance surrounding meme coins in the current market landscape.
bitcoin’s resurgence toward its all-time high and the simultaneous surge in meme coin prices illustrate the dynamic nature of the cryptocurrency market. While bitcoin remains the undisputed leader, meme coins have emerged as formidable contenders, garnering significant investor interest and driving trading volumes to unprecedented levels.
