During the early hours of Monday in Europe, Bitcoin (BTC) surged beyond the $65,000 mark, edging closer to its previous peak of $69,000 set in November 2021. According to CoinMarketCap, BTC recorded an impressive 5% increase over the last 24 hours.
In the past week, the leading cryptocurrency has soared by over 26%, and in the last month, it has seen a remarkable 52% surge. It now stands just under 5% shy of its all-time high (ATH).
In tandem with Bitcoin’s rally, the CD20 index, comprising a diverse array of tokens, also experienced a notable 5.6% increase within the same timeframe.
Crypto Market Rallies Alongside Bitcoin
Alongside Bitcoin’s surge, the broader crypto market has seen a rally in recent days.
Ethereum (ETH), the second-largest cryptocurrency by market cap, has climbed over 3% in the past day, crossing the $3,500 threshold.
In the meme coin arena, prices have seen even more dramatic spikes. Pepecoin (PEPE) has led the charge, skyrocketing by as much as 60% in the last 24 hours. According to CoinGecko data, trading volumes for frog-themed tokens, including Pepecoin, have hit record highs, totaling $3.6 billion.
This surge in trading activity reflects a risk-on sentiment prevailing in the market, with investors increasingly willing to take on higher-risk assets like altcoins and meme coins.
Notably, Pepecoin’s gains have outpaced other meme tokens such as shiba inu (SHIB) and dogecoin (DOGE), despite the introduction of ecosystem upgrades by the developers of these tokens. Over the past week, DOGE has surged by 170%, while SHIB has seen a 200% increase in value.
Analysts Remain Bullish on Bitcoin
According to a recent report from Matrixport, Bitcoin could potentially hit $63,000 by March 2024. Matrixport outlined several catalysts that might fuel Bitcoin’s ascent, including the recent approval of spot Bitcoin ETFs, the forthcoming halving event, and interest rate cuts.
Matt Hougan, the Chief Investment Officer at Bitwise, shares a bullish sentiment, predicting Bitcoin’s trajectory to surpass $80,000 this year, buoyed by the success of spot ETFs. In a recent interview, Hougan emphasized the unexpected surge in demand for ETFs, likening it to Bitcoin’s IPO in the US market. He believes this surge in traditional finance interest will further attract institutional investment, thereby driving prices higher.
Similarly, analysts at investment firm Bernstein foresee Bitcoin continuing its upward trajectory, surpassing its previous all-time high of $69,000 and potentially hitting $70,000 within this year. The analysts express confidence in Bitcoin’s risk-reward profile, asserting that no significant obstacles are foreseen to hinder its upward momentum.
