Latest Analysis: Bitcoin Targets $69k As Ethereum Outperforms, Dogecoin (DOGE), Shiba Inu (SHIB) and BONK Explode

Cryptocurrency prices have gone ballistic as Bitcoin price surged above $64,000 yesterday. Ethereum and other altcoins are also rallying as crypto markets experience record institutional inflows. The extreme greed in the market is evident by a phenomenal surge in dogcoins like Dogecoin, Shiba Inu, and BONK.

BTC price is up 47.3% in February, and the pioneering cryptocurrency might give its highest monthly close in history if it closes the month above $61,338. This parabolic run in price is backed by the massive success of spot Bitcoin ETFs which were launched in January.

The exponential surge in cryptocurrencies has taken many bears off guard as $700 million worth of positions got liquidated on Wednesday. After a brief correction from $64,500, the most valuable digital asset is trading at $62,900 on Thursday morning.

Historically, altcoins lag during such dramatic surges in BTC. However, this time seems to be different as the Total 3 market capitalization has surged above $600 billion for the first time since May 2022. On a higher timeframe, this is still 46% below the 2021 peak of 1.13 trillion.

ETH Price Outlook And Technical Analysis

After showing weakness against Bitcoin, ETH price is outperforming the biggest cryptocurrency by market capitalization on Thursday. At press time, the ETH/BTC pair showed a 2.09% uptick. This could be an indicator that the money is rotating into Ethereum from Bitcoin.

Ethereum is also having a massive rally in terms of the US dollar. ETH/USD surged to its fresh two-year high of $3,500 today, and there seems to be more upside as the next resistance lies around $3,580.

BONK, SHIB And DOGE Join The Rally

A look at the top 100 coins on Coingecko reveals that the dog-themed memecoins have emerged as the biggest gainers in the past 24 hours. BONK is leading the pack with a 53% surge, while Dogecoin (DOGE) and Shiba Inu (SHIB) prices follow with 28% and 25% gains, respectively.

There seems to be a very tight competition between PEPE and BONK for the  3^rd rank on the list of most valuable memecoins. Even though PEPE overtook BONK earlier this week, the latter reclaimed its spot after the latest surge.