The cryptocurrency market could be on the brink of another bullish leg. Bitcoin (BTC) is inching closer to…

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.