The cryptocurrency market is riding a wave of euphoria as Bitcoin, the industry's bellwether, continues its relentless surge, inching tantalizingly close to its all-time high. The world's largest digital asset soared 9% to $68,635.20, according to data from Coin Metrics. At one point, it even touched a high of $68,848.62, its highest level since November 2021 – the last time it reached a record.

This latest rally comes on the heels of Bitcoin's best week in nearly a year, during which it gained an impressive 21%. Its closest rival, Ether, also joined the party, advancing more than 5% to $3,650.59 on Monday, after a 16% weekly gain.

The market's exuberance has not been confined to the major cryptocurrencies alone. Meme coins, known for their volatility and speculative nature, have also caught the wave, with Dogecoin surging 32% and Shiba Inu coin rocketing an eye-watering 95%. Analysts view this as a sign that retail investors, who have been largely absent during the recent crypto rally, are starting to return to the market.

Antoni Trenchev, co-founder of crypto exchange Nexo, attributed the market's explosive price action to the birth of nine new Bitcoin exchange-traded funds (ETFs) in the United States. "With the birth of these nine new ETFs, the big moves now tend to take place during the normal trading week rather than the weekends," he said.

"What we're seeing today might well be a rerun of early last week when Bitcoin surged $10,000 in the space of a couple of days. We're in that sort of environment when a day or two of sideways consolidation can precede explosive price action thanks to the voracious demand of these new spot ETFs," Trenchev added.

The crypto rally has also spilled over into the equity markets, with crypto-related stocks such as Coinbase and MicroStrategy surging 11% and 23.6%, respectively. However, crypto mining companies have been left behind, as concerns over the upcoming halving event in April – when their revenue will be slashed – weighed on investor sentiment.

While some analysts suggest that Bitcoin's meteoric rise may cool in the coming weeks, long-term investors remain confident that the combination of increasing demand through the new U.S. ETFs and a tighter supply expected after the April halving event will push the price of Bitcoin to new all-time highs.

The head of institutional research at Coinbase, David Duong, believes that the crypto market is benefiting from an AI- and blockchain technology-driven productivity boom that is here to stay. "Although March could be a month of sideways grinding for Bitcoin, the cryptocurrency is benefiting from an AI- and blockchain technology-driven productivity boom he expects is here to stay," he said.

As the crypto market continues to ride this wave of euphoria, investors are holding their breath, anticipating the possibility of Bitcoin finally shattering its all-time high and ushering in a new era of mainstream adoption and legitimacy for digital assets.