Bitcoin traded at $73,000, putting the market within reach of the closely watched $74,000 breakout level, while ether changed hands at $2,250, its highest price since Feb. 4. The strongest move on Monday did not come from the largest tokens. It came from altcoins and memecoins, with PEPE rising about 20% in 24 hours and BONK and PENGU also posting double-digit gains.
The setup is clear. If bitcoin can push through $74,000 with convincing volume, the next area in focus is $80,000, a level that acted as support in November before breaking down in January. If the move fails, price could slip back into the $62,000 to $72,000 range that has held for more than a month.
Memecoins take the spotlight as momentum stretches
The day’s action centered on the higher-beta corner of the market. PEPE, BONK and PENGU all drew aggressive buying, showing that traders are still willing to chase sharp moves outside the majors. At the same time, average relative strength index readings were described as overbought, pointing to the possibility of a pullback before any fresh breakout attempt takes hold.
Moves in traditional markets also reflected a risk-on tone. Oil stayed elevated above $106 per barrel even as the U.S. was reportedly considering a coalition to escort ships through the Strait of Hormuz, a major trade route. U.S. stock futures rose around 0.5%, and crypto-linked equities were higher in pre-market trading: Coinbase added about 3%, Circle Internet gained 5%, and bitcoin treasury company Strategy advanced 4%. Precious metals fell while the dollar weakened.
Futures open interest jumps as leveraged bullish bets build
Derivatives data showed a broad increase in risk appetite. Total futures open interest across the industry rose more than 8% over 24 hours to $112.34 billion, a sign that traders are expanding exposure. Among major tokens, ether and ADA led the increase, with open interest up 16% and 19%, while bitcoin futures open interest climbed more than 5%.
Ether stood out on a coin-denominated basis, where open interest reached 14.34 million ETH, the highest level since September 2025. Speculative appetite also showed up in DOGE, whose open interest jumped more than 11%. In most major tokens, the rise in open interest came alongside positive perpetual funding rates and positive cumulative volume deltas, a combination that points to stronger demand for leveraged long exposure.
Options market still prices in downside protection
That shift in futures positioning has not fully carried over to options. On Deribit, bitcoin and ether puts continued to trade at higher prices than calls across all maturities, showing that traders still want downside hedges even as spot prices rebound. Persistent put premium may also reflect call selling overhead.
In XRP options, the $1.40 strike call and put were the most popular contracts, with combined notional open interest of $14 million. That accounted for nearly 25% of total XRP options open interest on the exchange. The market is now balancing two forces at once: renewed upside momentum in spot and futures, and a steady willingness to pay for protection if the move stalls.