As investors continue to invest in the two largest cryptocurrencies, Bitcoin and Ethereum reached record heights in Asia trading overnight.
Analysts attribute the continued rally in crypto to the adoption of it by larger investors such as pension schemes. They also believe that it can be used as an inflationary hedge. Bitcoin rose as high as $68,564 while ether reached $4,825.
Since then, Bitcoin and Ethereum have settled back at $67,857, $4,787 respectively. Both have more than doubled in value since June and nearly 70% against the dollar since October’s start.
Sterling terms: Bitcoin and ether trade at £49,982 & 33,527 respectively.
Since the US launch of a bitcoin futures exchange-traded fund, cryptocurrency prices have been rising rapidly.
According to CoinShares data, bitcoin funds and products have seen record inflows of $6.4billion this year. Last week, they reached $95million.
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