Bitcoin Tops $87,000, Ethereum, XRP, Dogecoin Also Lift Amid 'Extreme Greed'—Analyst Declares Bear Market

Leading cryptocurrencies jumped to multi-month highs on Monday amid rampant optimism and growing “fear of missing out.”

Crypto Market Erupts

Bitcoin stormed past $87,000 for the first time since January, while trading volume jumped nearly 150% over the last 24 hours.

Ethereum also rallied to a nearly 10-month high of $2,800, while XRP and Dogecoin recorded sharp upticks.

Cryptocurrency-related stocks advanced, with Strategy Inc. (NASDAQ:MSTR) and Bitmine Immersion Technologies Inc. (NYSE:BMNR) closing up 9.47% and 8.70%, respectively. 

Over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with $840 million in bearish short bets wiped out, according to Coinglass data.

Bitcoin’s open interest soared 8.44% over the last 24 hours. A jump in open interest alongside a jump in price typically indicates strong bullish momentum and fresh money entering the market.

"Extreme Greed" sentiment swept the market, according to the Crypto Fear & Greed Index.

Top Gainers (24 Hours) 

The global cryptocurrency market capitalization spiked to $2.91 trillion, representing a 4.28% increase over the last 24 hours.

Stocks Rally, Nasdaq Closes at Record

The stock market kicked off the new trading week strongly. The Dow Jones Industrial Average rallied 366.19 points, or 0.71%, to settle at 52,048.83. The S&P 500 rose 1.49% to end at 7,764.70, while the tech-focused Nasdaq Composite surged 2.26% to close at a record high of 27,122.09.