'Near All-Time High' Bitcoin Surpasses $68,000... Meme Coins Also Strong

The leading cryptocurrency Bitcoin is continuing its unstoppable upward trend toward an all-time high. For the first time since 2021, it has surpassed the $68,000 mark, approaching its historical peak. Alongside the Bitcoin rally, so-called 'meme coins' are also showing strong gains.

[Image source=Reuters Yonhap News]

On the 4th (local time), according to economic media CNBC and Bloomberg News, Bitcoin was trading at around $68,286 as of 8 p.m. Eastern Time, up more than 8.7% from the previous close. At one point during the day, it surged to $68,577, coming very close to the all-time high of $68,982 recorded in November 2021.

This upward momentum is due to continued inflows into related ETFs following the approval of Bitcoin spot exchange-traded funds (ETFs), coupled with growing expectations of price increases ahead of the Bitcoin halving. The anticipation of a new all-time high has also driven prices higher. CNBC reported, "After briefly pausing over the weekend, the Bitcoin rally is once again approaching its all-time high." On the same day, Ethereum was trading around 3,628, up 4.5% from the previous close.

Bitcoin, which surpassed $50,000 on the 15th of last month, broke through $60,000 in just 16 days. Now, it is considered within reach not only of its all-time high but also the $70,000 mark. In particular, many analyses suggest that the Bitcoin halving scheduled for April will serve as the foundation for breaking new highs, just like previous rallies.

Anthony Tranchev, co-founder of crypto exchange Nexo, said, "What we are seeing today could be similar to the situation earlier last week when Bitcoin surged by $10,000 in just a few days," adding, "Thanks to the huge demand for spot ETFs, there may be a day or two of sideways movement just before an explosive surge." Ayesha Khiani, Chief Operating Officer of MNNC Group, said, "This is just the beginning," and added, "We still have to go through the halving."

This trend is also extending to other cryptocurrencies including Ethereum, as well as to meme coins. Bloomberg, citing data tracking firm CoinGecko, reported that Pepe Coin, themed around frogs, and Dogwifhat are hitting new all-time highs day after day.

Jordi Alexander, founder of digital asset trading company Selini Capital, said, "Retail traders are re-entering the market after hearing about Bitcoin's rise and are buying cheap coins." Although meme coins lack traditional fundamentals, their price below $1 makes them seen by some retail investors and advocates as quick opportunities for profit. However, since they often surge sharply over a short period without any particular reason, concerns about sudden crashes are also raised.