Bitcoin (BTC) has surged past US$67,000, approaching its all-time high of US$69,000, according to CoinGecko data.
The world’s largest digital currency experienced a 6.6% increase on March 4, with signs of continued bullish momentum from both retail and institutional investors.
Despite some outflows from the Grayscale Bitcoin Trust, the market remains resilient, with growing interest in futures bets and various altcoins also rising.
The market’s surge towards previous highs triggered several bull market indicators weeks before the Bitcoin halving, a contrast to previous cycles where they only came into play after the event.
Bitcoin’s halving event, which is expected to occur in April, will cut the supply inflow of the cryptocurrency by half, which market watchers claim will contribute to the asset’s scarcity.
Memecoins were the biggest winners on Monday, as Bonk, Pepe and Shiba Inu topped the winner’s column, each posting at least 42% gains.
The rally now places four memecoins in the top 50 cryptocurrency rankings.
Dogecoin, the world’s largest memecoin and the 10th largest cryptocurrency by market capitalization, had a 30% surge of its own.
