Cover image via U.Today

Bitcoin (BTC), the leading cryptocurrency by market capitalization, recently surged past $110,000, igniting excitement and speculation throughout the crypto community. Even Dogecoin co-founder Billy Markus weighed in on the impressive milestone.

Known for his characteristic wit, Markus reacted to Bitcoin's surge with a post on X, stating, "Bitcoin randomly decided to get exciting."

Bitcoin surpassed $110,000 late Monday afternoon for the first time in over two weeks, reaching a peak of $110,651.

The Dogecoin co-founder's remark encapsulates the widespread surprise at Bitcoin’s renewed vigor, particularly after a period of relatively subdued trading.

Currently, the largest cryptocurrency by market capitalization is trading at $109,524, reflecting a 2.68% increase in the last 24 hours. BTC has climbed nearly 5% over the past seven days, recovering from a low of $100,377 on June 5, which was part of a recent downturn that began in late May.

At its current price, Bitcoin is steadily approaching its all-time high of $111,814, achieved in May, and is now only 2.24% below that peak.

The broader crypto market reflects this positive sentiment, with major altcoins also experiencing gains alongside Bitcoin. Ethereum, the second-largest cryptocurrency by market capitalization, is trading above $2,690, up 7.2%. Several other digital assets have also posted significant gains, some as high as 18%.

Dogecoin itself rose 4.23% in the last 24 hours to $0.1918, although it experienced a 1.98% decline weekly. According to CoinGlass data, approximately $435 million in cryptocurrency positions were liquidated over the past day, with short positions accounting for $374 million.