Bitcoin and ether hit new highs in Asian trade on Tuesday, bolstered by enthusiasm for cryptocurrency adoption and concerns about inflation.
In early Asian hours, bitcoin reached a high of $67,803, and ether, the second-largest cryptocurrency by market capitalization, reached $4,825. Both have gained about 70% against the dollar since the beginning of October, having more than doubled since June.
Chris Weston, head of research at brokerage Pepperstone, said, “Crypto is where the fast money is at.” “(Ether) is trending like crazy right now, and I’d be here for a long time,” he continued.
Since the debut of a futures-based bitcoin exchange-traded fund in the United States last month, which heightened expectations of flow-driven increases, momentum has been building.
According to CoinShares data released on Monday, bitcoin inflows totaled $95 million last week, representing the greatest inflows of all digital assets, while inflows throughout an eight-week bull run for the cryptocurrency were $2.8 billion.
In recent weeks, Australia’s largest bank announced it will provide crypto trading to regular consumers, Singaporean authorities have sounded favorable on the asset class, and the asset class has benefited from the positive mood in markets.
Momentum has been building since the launch of a futures-based bitcoin exchange-traded fund in the United States last month, which raised expectations of flow-driven hikes.
According to CoinShares data released on Monday, bitcoin inflows totaled $95 million last week, the highest of all digital assets, while inflows totaled $2.8 billion for the course of the cryptocurrency’s eight-week bull run.
In recent weeks, Australia’s largest bank declared that regular customers will be able to trade cryptocurrency, Singaporean officials have shown support for the asset class, and the asset class has benefited from the market’s upbeat mood.
