Bitcoin Surges Past $87,000 as Crypto Market Capitalization Hits Record High

Cryptocurrency markets surged on Monday amid optimism and a 'fear of missing out' sentiment. Bitcoin (BTC) topped $87,000 for the first time since January, while Ethereum (ETH) rallied to a nearly 10-month high of $2,800. The global cryptocurrency market capitalization spiked to $2.91 trillion, representing a 4.28% increase over the last 24 hours.

According to Coinglass data, over $1 billion was liquidated from the cryptocurrency market in the last 24 hours, with $840 million in bearish short bets wiped out. Bitcoin's open interest soared 8.44% over the same period, indicating strong bullish momentum and fresh money entering the market.

Michaël van de Poppe, a widely followed cryptocurrency analyst, stated that the bear market is over and predicted that BTC will target $90,000-$91,000 next, with potential extension to $98,000-$100,000. The Crypto Fear & Greed Index also reported 'Extreme Greed' sentiment sweeping the market.

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