Bitcoin reaches $65,000—now just 6% away from its all-time high

Bitcoin is only 6% above the $65,000 peak set on November 10, 2021 for the week.

At the time of writing, the price of Bitcoin is $65,037.24. This means that the price has increased by 6% since yesterday and has posted an impressive 27% gain in the past week, according to CoinGecko data. And if he can repeat that 6% price increase, he'll pull level with all-time highs.

The world's oldest and largest cryptocurrency saw $27 billion worth of trading volume today—more than it saw yesterday. Yet another sign that over the weekend Bitcoin trading really fell out of favor with investors.

But depending on which currency you use to measure Bitcoin's value, it has surpassed its all-time high.

In the year BTC was trading at €59,716.82 in Europe on the day it hit its peak in 2021 in US dollars. At the time of writing, 1 BTC is trading at €59,901.25. Bitcoin set new highs against other international currencies over the weekend, including the Chinese yuan, Japanese yen, UK pound sterling and Indian rupee.

So why is ATH in other currencies but not the dollar? In November 2021, 1 euro, for example, was worth about $1.16. But now, the euro exchange rate has fallen and at the time of writing it is worth $1.08. As of 2021, the US dollar has gained purchasing power against most currencies.

It may also depend on the exchange, as there are not many different all-time highs to track.

Blockchain analytics firm Kaiko US dollar Bitcoin all-time high varies slightly, the highest was recorded on OkCoin. But if Bitcoin gets above $69,000, it's safe to say that the market has probably set a new all-time high.

And with just 25 days to go, it's no surprise that open demand for Bitcoin options ending March 29 is increasing at a steady clip. Just last day, Bitcoin open interest increased by 10% according to CoinGlass and now exceeds 30 billion dollars.

Bitcoin open interest refers to the price of all open futures contracts that have not yet been settled. As the Bitcoin network nears its fourth halving event—which has historically created a lot of upward momentum for BTC's price—the option contracts expiring on March 29 set a historically high value. How do traders use betting options? The price will move forward.

At the time of writing, Deribit bets on $775 million worth of long contracts on popular derivatives exchanges will see Bitcoin reach $70,000 before the end of the month.