Bitcoin’s price soared past $68,000 at one time, breaking a previous high set in late October.
- Ether, the Ethereum blockchain’s native currency, too hit a new high of more than $4,800.
- These new highs are part of a giant rally in the cryptocurrency market.
On Tuesday, bitcoin and ether hit new all-time highs, extending their rally from the day before. Bitcoin’s price flew past $68,000 at one time, breaking a previous high established in late October. The world’s most valuable digital currency increased to $68,521 before running to $67,935. As of 4:30 a.m., it has gained 3% in the previous 24 hours. According to Coin Metrics statistics.
The native Coin of the Ethereum blockchain hit a new all-time high of $4,840, breaking beyond the $4,800 barrier for the first time.
Last 24 hours, the token has traded at a price of $4,814, up around 2%. These newest highs are part of a larger rally in the cryptocurrency market. Solana and Cardano, the so-called “Ethereum killers,” are up 21% and 16% in the last seven days, respectively.
On Monday, the Pro Shares Bitcoin Strategy ETF, which debuted in October and followed bitcoin futures contracts related to the cryptocurrency’s future price, was up more than 8%. While it’s impossible to link short-term price swings to a single event – and cryptocurrency price charts are notoriously volatile, some analysts believe bitcoin and ether will continue to rise in the coming weeks.
Bitcoin will receive its greatest upgrade in four years next week.
Mikkel Morch, managing director of crypto hedge firm ARK36, stated in a note sent on Monday that a $70,000 price for bitcoin now “looks imminent.” Others are more optimistic about bitcoin’s future, with JPMorgan recently reiterating its estimate that it will eventually reach $146,000, with a shorter-term price goal of $73,000 for this year.
Source: CNBC News