BTC Price Index and Live Chart – CoinDesk”>(BTC) crossed the $65,000 mark in European morning hours on Monday, inching closer to its lifetime peak of $69,000 set in November 2021 as the value of bullish bets rose to a record. Bitcoin, now at EUR61,000 has joined the list of local currencies where it’s reached a record-high.

The biggest cryptocurrency, Bitcoin, has gained over 6% during the last 24 hours. Meanwhile, the CoinDesk 20 Index, a broad measure of the largest cryptocurrencies (CD20), rose by 5.6%. Bitcoin is only 5% from breaking its previous record for U.S. dollar value.

Read more: Bitcoin is at all-time highs around the world

The futures market is indicating that there may be more gains to come. Data from Coinglass shows that open interest or the number unsettled bets on futures has reached a record high of $27 Billion. A rising interest rate is an indication that new money has entered the market. Data from multiple sources shows that the market capitalization has also reached a new record of $2.8 trillion. This is a significant increase over the $2.7 trillion set in November 2021.

In the last 24 hours, over $ 60 million worth of shorts or bets against higher bitcoin prices have been liquidated, contributing to the price surge as the losing positions are covered.

Bitcoin open interest is at an all-time peak. (Coinglass)

Euphoric sentiment, institutional buying demand, and historical gains linked to bitcoin’s halving event are putting the asset on track to cross its lifetime highs of $69,000 in March, some traders previously told CoinDesk.