Bitcoin's current price is $65,037.24, showing a 6% increase in the past 24 hours and a 27% gain in the last week. Explore the factors influencing its rise and potential new all-time highs.

The week begins with Bitcoin soaring above $65,000, merely 6% away from its record-setting price of $69,044 on November 10, 2021.

Presently, the Bitcoin price stands at $65,037.24, marking a 6% increase since yesterday and an impressive 27% gain over the past week, according to CoinGecko data. Should it sustain this momentum, Bitcoin could soon match its all-time high.

The world's oldest and largest cryptocurrency has witnessed a trading volume of $27 billion today, surpassing the total volume from the entire previous day. This shift indicates a waning interest in weekend Bitcoin trading among investors.

Interestingly, depending on the currency used to gauge Bitcoin's price, it has already surpassed its all-time high in some cases.

On the day BTC reached its peak in U.S. dollars in 2021, it traded for €59,716.82 in Europe. Currently, 1 BTC is exchanging for €59,901.25. Bitcoin has achieved new peak prices in various global currencies over the weekend, including the Chinese Yuan, Japanese Yen, the U.K. Pound Sterling, and India's Rupee.

Why the all-time high in some currencies but not in dollars? In November 2021, 1 Euro was valued at about $1.16. Now, the Euro's exchange rate has declined, currently standing at $1.08. This implies that the U.S. dollar has gained purchasing power relative to most other currencies since 2021.

What is #Bitcoin's all-time high?

It depends on who you ask.

Our data shows that #BTC hit its highest level on OkCoin on November 10, 2021. pic.twitter.com/Lksvf2mOUR

— Kaiko (@KaikoData) March 4, 2024

Adding to the complexity, the all-time high can also vary based on the exchange.

According to blockchain analytics firm Kaiko, the USD Bitcoin all-time high varies slightly, with the highest recorded on OkCoin. However, it's reasonable to expect that if Bitcoin surpasses $69,000, the market will witness a new historical high.

Unsurprisingly, with only 25 days remaining, open interest in Bitcoin options for the March 29 expiry continues to rise steadily. In the past day alone, Bitcoin open interest has surged by 10%, exceeding $30 billion, as reported by CoinGlass.

🚀🚀🚀

CME #Bitcoin open interest hit a record high of $8.66 billion.

👉https://t.co/b1RbJ1A35P pic.twitter.com/ZzhrL31N2p

— CoinGlass (@coinglass_com) March 4, 2024

Bitcoin open interest refers to the total value of open futures contracts yet to be settled. As the Bitcoin network approaches its fourth-ever halving event, historically associated with significant upward momentum for BTC prices, a substantial value is tied up in options contracts expiring on March 29. Traders leverage these contracts to speculate on future price movements.

As of now, there are $775 million worth of open long contracts on the popular derivatives exchange Deribit, betting on Bitcoin reaching $70,000 before the end of the month.