Bitcoin and ether, the world’s two most popular cryptocurrencies, reached new all-time highs early Tuesday.
The price of Bitcoin (BTC) surpassed $67,700 at one point, shattering a previous high set in late October, while ether (ETH), the Ethereum blockchain’s native currency, surpassed $4,800 for the first time.
Recently, the Bitcoin market has been quite hopeful. Bitcoin is the most popular digital currency, despite the fact that CoinMarketCap includes over 13,000 cryptocurrencies.
JPMorgan Chase Chief Executive Officer Jamie Dimon has repeatedly criticized the cryptocurrency, calling it “worthless,” but other investors have predicted even greater increases for Bitcoin.
As a whole, the cryptocurrency market has seen new all-time highs. Cardano and Solana, the two so-called “ethereum killers,” have been up 23% and 9%, respectively, over the last week.
ProShares Bitcoin Strategy ETF, which launched in October and tracks bitcoin futures contracts that predict the cryptocurrency’s future price, gained more than 8% on Monday.
More Gain
According to CoinGecko data, Bitcoin’s gain of almost $7,000 on the day reflected a broader bull trend across the cryptocurrency market, which is now valued at over $3 trillion due to a broad-based crypto rally.
Based on data released Monday by CoinShares, bitcoin inflows totaled $95 million last week, the highest of all digital assets, while inflows totaled $2.8 billion during the cryptocurrency’s eight-week bull run.
Institutional investors also poured $174 million into bitcoin products and funds as of Nov. 6, marking the 12th consecutive week of inflows.
On Monday, Mikkel Morch, managing director of crypto hedge fund ARK36, said that a bitcoin price of $70,000 “now appears imminent.”
Other market observers are more optimistic about bitcoin’s future, with JPMorgan recently predicting a price of $146,000 for the cryptocurrency this year, with a short-term price target of $73,000.
Image courtesy of Cointelegraph News/YouTube
Source: https://bitcoinerx.com/blockchain/bitcoin-and-ethereum-prices-rally-to-new-records/
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