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Bitcoin smashes through $65,000, only 6% away from its record high

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History will be rewritten if Bitcoin reaches $70,000 before halving.

Bitcoin (BTC) surpassed the $65,000 mark

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Bitcoin (BTC) smashed through the $65,000 mark on Monday, according to data from CoinGecko. At the time of writing, Bitcoin is trading at around $65,500, up almost 6% in the last 24 hours. With this surge, Bitcoin is only almost 6% away from its historical high of around $69,000 in November 2021.

Data from Alternative.me shows that the Bitcoin fear and greed index reached 83/100 yesterday, its highest level since Bitcoin’s peak of $69,000. This suggests that investors are “extremely” confident in the potential of Bitcoin’s price. At press time, the index remains high at 82/100.

Last week, BTC surpassed $60,000 before extending its surge to $64,000. The rally was fueled by institutional accumulation, especially by US spot Bitcoin exchange-traded funds (ETFs) and big corporations like MicroStrategy. In addition, it was speculated that Jeff Bezos sold $8.5 billion in Amazon stock to purchase Bitcoin.

According to BitMEX Research’s update last Saturday, the total cumulative trading volume of US spot Bitcoin ETFs has recorded more than $7.3 billion in net inflows since their first trading day.

As reported by Bloomberg ETF analyst Eric Balchunas, BlackRock’s spot Bitcoin fund (IBIT) has accumulated over $10 billion worth of Bitcoin.  The fund has also joined an exclusive group of ETFs with assets under management exceeding $10 billion.

With bullish momentum building up, the total crypto market cap has risen 4% to above $2.5 trillion in the last 24 hours. Other large-cap altcoins have also seen an uptick. Over the past 24 hours, Ethereum (ETH) has surged past $3,500, setting a new peak of nearly 2 years, CoinGecko’s data shows.

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