Bitcoin once again was trading above the 11K mark Tuesday as the digital currency continues to surge.

Daily volumes for bitcoin options hit a new all-time high on Deribit with the Panama-based derivatives exchange tweeted Tuesday morning that over 47,500 contracts for bitcoin options traded in a single day on Monday.

Deribit said the total value of these contracts came to $539 million.

“With gold nearing a new all-time high, and equity asset prices getting more expensive, I believe the market is anticipating inflation and a weaker dollar,” crypto podcaster and trader Brian Krogsgard, also known as Ledger Status on Twitter, told me in a July 22 message. “I struggle to see the downside for bitcoin in such an environment,” he added.

“I don't know how far the market could go, but I anticipate bitcoin will challenge prior highs in 2021.”

Bitcoin Cash meanwhile remained bullish after witnessing a growth of 6.34 percent in the charts. It was priced at $290, up 13.8%.