In the European morning hours on Monday, Bitcoin (BTC) surged past $65,000, nearing its all-time peak of $69,000, established in November 2021. This bullish momentum was accompanied by a notable increase in the value of bullish bets, which hit a record high. Over the past 24 hours, Bitcoin has seen a gain of over 6%, while the CD20 index, reflecting various tokens’ performance, rose by 5.6%.

The largest cryptocurrency by market capitalization is now merely 5% away from its record high in U.S. dollar terms. Moreover, it has recently surpassed peak prices against several major and emerging-market currencies. The futures market has signaled further potential gains, with open interest—reflecting the number of unsettled futures bets—reaching an all-time high of $27 billion.