Bitcoin (BTC) has recently made headlines once again, soaring past the $65,000 mark in European morning hours on Monday and flirting with its all-time high of $69,000 from November 2021. This significant rally not only showcases Bitcoin’s growing strength but also marks its ascent in the euro zone, where it reached approximately €61,000, setting new benchmarks against various local currencies.
In the last 24 hours alone, the world’s largest cryptocurrency has seen a more than 6% increase, while the CD20, a comprehensive index representing a broad spectrum of tokens, enjoyed a 5.6% rise. With Bitcoin now merely 5% shy of its U.S. dollar record, the crypto community is buzzing with anticipation for what’s next.
Further boosting optimism are the signals from the futures market. Open interest, indicating the volume of unsettled futures contracts, hit an unprecedented high of $27 billion according to Coinglass data. This spike suggests a wave of fresh capital flowing into the market. Moreover, the crypto market’s total capitalization has achieved a new milestone, crossing the $2.8 trillion mark and surpassing its previous record set in November 2021.
Adding to the rally’s momentum, over $60 million worth of short positions betting against Bitcoin were liquidated in the past day. This action, often resulting in a price surge, underscores the current euphoric market sentiment, institutional interest, and the optimistic outlook tied to Bitcoin’s historical performance post-halving events.