Bitcoin Hits Record $123,000 With XRP, Dogecoin Joining Rally – MSTR, MARA Surge Pre-Market

Bitcoin (BTC) surged to a new all-time high above $123,000 in pre-market trading Monday, lifting altcoins and crypto-linked stocks, while rattling short sellers with $750 million in liquidations across the market.

In Monday's early trading, Bitcoin’s price had pared some of its gains, trading at around $122,000, with a gain of 3.6% over the past 24 hours. Bitcoin is narrowly outperforming gold this year, rising 30% compared to a 28% increase in gold.

On Stocktwits, retail sentiment around BTC rose to a year-high in the ‘extremely bullish’ territory, up from ‘bullish’ last week. Retail chatter around the apex cryptocurrency also marked a year-high, as it rose to ‘high’ from ‘normal’ during the same period. 

The surge in Bitcoin’s price also led to a rally in other major tokens. At the time of writing, Ripple’s native token XRP (XRP) reflected the largest gain among the top 10 altcoins by market value. XRP’s price jumped past $3, last seen in March. 

Retail chatter on Stocktwits indicated that traders are hopeful that XRP’s price may finally cross its previous all-time high of $3.40, which it hit in January. It was one of the highest trending tickers on the platform during pre-market U.S. hours.

Meanwhile, meme token Dogecoin (DOGE) jumped 5.2% in the last 24 hours, crossing the $0.20 mark. However, Dogecoin’s price remained 70% below its all-time high of $0.73, reached about four years ago. 

Crypto-linked stocks Strategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT) also rose in pre-market trade, in tandem with Bitcoin’s rally. MSTR stock was up 1.8%, while RIOT and MARA’s stock rose 2.8%.

Bitcoin has been on a steady climb since last week, when President Donald Trump began sending tariff letters to U.S. trading partners. 

Bitcoin’s rally in recent days saw its price hit $112,000 on Wednesday, $117,000 on Thursday, and $118,000 on Friday. After a brief pause on Saturday, it resumed its uptrend on Sunday, topping $119,000 before finally crossing the $123,000 mark on Monday.

The second day of Bitcoin’s rally saw short liquidations alone exceed $1 billion, the highest ever recorded in a single day. In the last 24 hours, the surge across cryptocurrencies led to $750 million in total liquidations, with $625 million stemming from short positions.

The jump also comes ahead of ‘Crypto Week’ in Washington, when three crypto-linked bills – the CLARITY Act, GENIUS Act, and Anti-CBDC Surveillance State Act – are set to be discussed in the House of Representatives. They are scheduled to be tabled at 4 p.m. ET on Monday. Voting could begin as soon as Tuesday.

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Read also: MSTR, Riot, Coinbase Jump After Bitcoin Tops $118,000 Despite Broader Market Weakness On Trump’s Trade War