Bitcoin appears to be on course to breach its all-time high of over $73,000, having surged past $71,000 late Monday. The cryptocurrency began the day valuing around $67,000 and steadily climbed to exceed the $70,000 threshold. By late Monday night, it peaked at $71,500, according to data from CoinGecko.
The crypto community responded enthusiastically on X (formerly Twitter), celebrating the milestone with memes reflecting the fervor of Bitcoin bulls. One user remarked on Bitcoin’s rapid rise of $5,000 within a day, dubbing it the ’12-hour Jesus candle.’ As anticipation builds, some investors express excitement about the potential for Bitcoin to reach a new all-time high.
However, while many celebrate the surge, others caution that the rally might be short-lived. Concerns have been raised regarding its sustainability, with observations suggesting that the increase may have been influenced by recent comments from experts like VanEck’s Matthew Sigel and predictions tied to a potential second Trump presidency. He noted that if Bitcoin reached a modest 2% share of global central bank reserves, prices could soar to around $3 million per coin.
Additionally, Bitcoin’s upswing has positively impacted other cryptocurrencies. Ethereum gained 50%, BNB surged 33%, and Solana rose by 34%. Dogecoin notably climbed 15% fueled by Elon Musk’s promises regarding its budget-saving capabilities under a Trump administration.