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.
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