November 9, 2021
Bitcoin and ether hit record highs in Asia trade on Tuesday, driven by enthusiasm for cryptocurrency adoption and concerns about inflation causing momentum and flows into cryptocurrencies.
Bitcoin peaked at $68,564 in Asian afternoon trading, while ether hit $4,825, both currencies that have doubled in value since June and gained nearly 70% against the dollar last month.
Meanwhile, inflows into bitcoin products and funds have reached a record $6.4 billion this year, with the total inflows reaching $95 million last week alone.
In addition, Grayscale, the world’s largest digital currency manager, plans to transform its flagship Bitcoin trust into an exchange-traded spot Bitcoin fund and create a “future of finance” fund to track companies involved in the fast-growing digital economy.
Despite some setbacks, bitcoin is now 1680% higher than its March 2020 low, boosting the total market capitalization of cryptocurrencies above $3 trillion, according to cryptocurrency exchange rate and data aggregator CoinGecko.
CoinMarketCap, conversely, estimated it at $2.94 trillion. Either way, the core believers in the crypto markets remain very bullish.
For more information, you may view the original story from Reuters.
