Bitcoin briefly rose above the $69,000 threshold before quickly retreating as traders began looking for higher returns in fringe tokens known as meme coins.

Two tokens within the Ethereum ecosystem, BP and MOG, rose to record highs on Monday, continuing the impressive rises from last week. These gains also coincided with a roughly 5% rise in ether. This surge came on the heels of the US approving deposits for major ethereum exchange-traded funds, prompting traders to view meme tokens as beta bets.