The price of Bitcoin (BTC) surged past the $65,000 milestone during the early hours of Monday in Europe, making significant strides towards its previous record of $69,000 achieved in November 2021.
Over the past 24 hours, BTC experienced a remarkable increase of over 5%, according to data from CoinMarketCap.
The leading cryptocurrency is up more than 26% over the past week and 52% over the past month. It is less than 5% away from its ATH.
Likewise, the CD20 index, which encompasses a diverse range of tokens, witnessed a 5.6% rise within the same timeframe.
Crypto Market Rallies Alongside Bitcoin
The broader crypto market also rallied alongside Bitcoin.
Ethereum (ETH), the second-largest cryptocurrency by market cap, has gained more than 3% over the past day to cross the $3,500 mark.
Meanwhile, meme coins have experienced a larger surge in prices, with Pepecoin (PEPE) leading the charge by soaring as much as 60% in the past 24 hours.
According to data from CoinGecko, trading volumes for frog-themed tokens, including Pepecoin, reached all-time highs of $3.6 billion.
This surge in trading activity can be attributed to a risk-on environment prevailing in the market, which has prompted investors to place larger bets on riskier assets such as altcoins and meme coins.
What makes Pepecoin’s gains particularly notable is that they have outpaced other meme tokens like shiba inu (SHIB) and dogecoin, despite the introduction of ecosystem upgrades by the developers of these tokens.
Over the past week, DOGE has gained 170%, while SHIB has seen a 200% increase in value.
Analysts Remain Bullish on Bitcoin
As reported, a new report from Matrixport predicts that Bitcoin could reach a target of $63,000 by March 2024.
In its report, Matrixport identified some key catalysts that could propel Bitcoin to new heights, including the recent approval of spot Bitcoin ETFs, the upcoming halving event, and interest rate cuts.
Bitwise Chief Investment Officer Matt Hougan also expects Bitcoin to soar beyond $80,000 this year thanks to the recent success of spot ETFs.
In a recent interview, Hougan highlighted the sustained demand for ETFs, which has exceeded his expectations.
He said that this wave of interest from traditional finance, akin to Bitcoin’s IPO in the US market, will lead to further institutional investment and drive up prices.
Likewise, analysts at investment firm Bernstein expect Bitcoin to resume its upward trajectory, surpassing its previous all-time high of $69,000 and potentially reaching $70,000 this year.
The analysts have expressed confidence in the cryptocurrency’s risk-reward profile, stating that no significant challenges are anticipated to impede its ascent.
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