BITCOIN AND ETHEREUM HIT NEW ALL-TIME HIGHS

Cryptocurrency prices today rebounded up with Bitcoin rising as far as $69,013 and the second-largest crypto, Ether, hitting $4,800. Both have more than doubled since June and have added nearly 70% against the dollar since the beginning of last month. These moves helped lift the total market value of cryptocurrencies to $3.3 trillion yesterday.

The price of the cryptocurrency traded 4.1% higher this afternoon, according to data obtained from coinmarketcap.com, taking out the last record set on October 20th which was a little below $67,000. The leading crypto has already roughly quadrupled from its 2020 year-end value. Overall, it has gained over 130% year-to-date.

Meanwhile, Ether, the coin linked to Ethereum’s blockchain, rose over 2% and hit a record high of $4,880. Ether has been trading around an all-time high, keeping up with bitcoin’s rally and riding on news of even wider blockchain adoption. Bitcoin’s ride has been going pretty volatile as the King coin plunged down below $30,000 five months ago amidst censures of its energy consumption and China’s crackdown on the industry. 

Aside from Bitcoin, other blockchain networks like Ethereum and Solana have continued to upgrade and attract new opportunities and functionality. Demand for Defi and NFTs is also increasing. Memecoins like Dogecoin and Shiba Inu also continue to rally and attract speculative investors. Bitcoin and Ethereum’s rally may create speculative capital creating inflows into other promising altcoins.