Bitcoin and Ether hit record highs as enthusiasm for cryptocurrency adoption grows

Bitcoin and Ether hit record highs in Asian trading on Tuesday as enthusiasm for cryptocurrency adoption and fears about inflation supported the asset class.

Bitcoin hit $ 67,803 (around Rs. 50.07 lakh) and Ether, the second largest cryptocurrency by market value, hit $ 4,825 (around Rs. 3.56 lakh) at the start of Asian hours. The price of Bitcoin in India on November 9 at 10:41 am IST was Rs. 54.35 lakh, while the price of ether was Rs. 3.83 lakh.

Both have more than doubled since June and have risen nearly 70% against the dollar since early October.

“Crypto is where the quick money is,” said Chris Weston, head of research at brokerage Pepperstone. “(Ether) evolves like a dream and I would be long and strong here,” he added.

“Clients are net for a long time, with 79% of open positions held for a long time, and I can sense that the party of $ 5,000 (around Rs 3.69 lakh) could start soon.”

Momentum has grown since the launch last month of a bitcoin-based exchange-traded fund in the United States, which has raised expectations of flow-induced gains.

Bitcoin inflows totaled $ 95 million (roughly Rs. 701 crore) last week, representing the largest inflows of all digital assets, while inflows during an eight-week bull run for the crypto coins were $ 2.8 billion (around Rs. 20,681 crore), data from CoinShares showed on Monday.

Australia’s largest bank also said in recent weeks that it will offer crypto trading to retail clients, Singaporean authorities have appeared positive on the asset class and the fallout from a positive mood in stocks. gave their support.

These moves have lifted the total market capitalization of cryptocurrencies above $ 3 trillion (roughly Rs.221 58,809 crore), according to the crypto price and data aggregator CoinGecko.

On the CoinMarketCap platform, which tracks 13,796 cryptocurrencies, the total cryptocurrency market cap was just below $ 3 trillion at $ 2.92 billion (around Rs. 2,15 69,315 crore) .

© Thomson Reuters 2021

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