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Bitcoin (BTC), the largest cryptocurrency by market capitalization, rose to $73,624 on Tuesday before falling below $72,000 early Wednesday.

Bitcoin has recently weathered lower bets on Federal Reserve interest rate cuts, as well as reports of U.S. scrutiny of the biggest stablecoin by market capitalization, Tether (USDT). Bitcoin has increased by nearly 73% in 2024.

This remarkable increase has caught the attention of many in the cryptocurrency community, including Billy Markus, the cofounder of Dogecoin who goes by "Shibetoshi Nakamoto" on X.

Known for his candid and often humorous takes on the crypto market, Markus did not disappoint with his latest commentary.

Dogecoin founder reacts

Bitcoin's recent advance has put the original cryptocurrency on track to surpass its March record high of nearly $74,000. BTC surged on Tuesday to mark four consecutive days of rises, increasing its seven-day gains to 9% and driving a market rally.

Dogecoin cofounder Billy Markus known for his lighthearted yet insightful takes on crypto trends, added his flavor to the moment, tweeting, "Is it time to get delusional and euphoric yet?" in response to Bitcoin’s recent surge past $73,000.

Bitcoin's run beyond $73,000 has fueled positive enthusiasm on the cryptocurrency market, with many investors expecting Bitcoin to reach new all-time highs. The gain shows a 109% increase in Bitcoin's price within a year.

Markus's reaction reflects the sentiment of a larger part of the crypto community, where the prospect of new highs often sparks both euphoria and caution. While some analysts believe Bitcoin might still rise, Markus’s humorous take subtly underscores the speculative nature of the cryptocurrency market.

At the time of writing, BTC had slightly reversed some of its earlier gains, marginally up 0.70% in the last 24 hours to $72,008.