The cryptocurrency market could be on the brink of another bullish leg. Bitcoin (BTC) is inching closer to its all-time high of $108,786. The asset is currently testing the $107,000 price level. BTC hitting a new all-time high could trigger another market-wide rally. The global crypto market cap is holding steady at $3.48 trillion.

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Cryptocurrencies Hold As Bitcoin Tests New All-Time High

BTC’s latest rally is likely due to a surge in institutional investments. BlackRock, the world’s largest asset manager, has purchased more than $3 billion worth of BTC since May 2 for its spot ETF. Retail investors are likely being cautious right now.

While BTC is moving closer to a new all-time high, other cryptocurrencies are lagging. The current market rally seems to be Bitcoin-specific. This development once again highlights the possibility of the rally being fueled by institutional money.

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The cryptocurrency market will likely rally if Bitcoin (BTC) hits a new peak. BTC reaching a new high could boost investor sentiment. The cryptocurrency market experienced a rally last week. The momentum has since cooled down.

Three Popular Memecoins To Watch As BTC Inches Closer To A New Peak

1. Dogecoin (DOGE)

DOGE could see a breakout if BTC hits a new peak. The asset also has an ETF application with the SEC. The SEC recently delayed its decision on the DOGE ETF. The meme cryptocurrency could see a massive rally if an ETF is approved.

2. Official Trump (TRUMP)

TRUMP is not entirely a memecoin. Despite having links to President Trump, the cryptocurrency has performed similarly to other meme tokens. The asset could surge if BTC reclaims, or surpasses, its peak of $108,786.

3. Pepe (PEPE)

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PEPE, like other meme cryptocurrencies, might rise if Bitcoin (BTC) reaches $115,000. From the time it was launched in April 2023, the asset has done well. Another positive period for the coin may occur over the next few weeks.