Bitcoin surpasses $68,500, nearing a new record high

Bitcoin is on an unstoppable rise, edging closer to an all-time high.

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The world’s largest cryptocurrency surged 9% to $68,635, according to Coin Metrics. At one point, it reached $68,848, the highest since November 2021 and very close to the previous record of nearly $69,000. Meanwhile, Ethereum rose more than 5% to $3,650.59.

Bitcoin price performance in the past month

Both cryptocurrencies just had their best week in almost a year, with Bitcoin up 21% and Ethereum advancing 16%. Previously, the crypto market paused amid news of the Grayscale Bitcoin Trust (GBTC) withdrawing capital from the market, but the market was offset by fresh capital inflows from Bitcoin spot ETFs.

Bitcoin’s exhilarating rally also lifted other cryptocurrencies, especially meme coins – virtual currencies with a meme as their logos, such as Dogecoin and Shiba Inu. Dogecoin surged 32%, while Shiba Inu gained 95%. Analysts cited meme coins as evidence that retail investors have returned to the crypto market. Last week, the trading volume of meme coins reached its highest level since late 2021.

Vu Hao