Bitcoin hit a record high of $68,000

Bitcoin hit another all-time high, breaking $68,000 a coin for the first time during intraday trading on Nov. 9. So far, it traded at $68406, up 4.6% on the day.

Bitcoin hits record high above $68,000

The record was joined by Ethereum ETH, which topped $4,800 a coin for the first time. BTC is up about 58% and ETH is up about 61% since October, thanks to fund flows, good news and inflation fears.

The global cryptocurrency market cap topped $3 trillion on November 8 and stood at around $3.08 trillion as of 12:00 Beijing time, according to Data from Coin Gecko. BTC accounted for 41.6% of the market capitalization, while ETH accounted for 18.5% of the market.

Spark Global Limited
Source: Spark Global Limited

Bitcoin hits record high above $68,000

The global cryptocurrency market cap hit $1 trillion in February and surpassed $2 trillion in May, data showed.

Analyst PlanB tweeted that bitcoin’s long-term momentum is rising fast. Kyle Rodda, analyst at broker IG Markets, said falling real yields had increased the appeal of non-interest-paying assets such as gold and cryptocurrencies as traders braced for inflation. Investment sentiment in the sector has also been good.

In recent weeks, Singapore authorities have expressed a positive view of cryptocurrencies and Australia’s largest bank has said it will offer cryptocurrency trading to retail investors. Last week, New York’s new mayor, Eric Adams, said he would pay his first three months of salary in bitcoin and that he intended to make New York “the hub of the cryptocurrency industry”. It follows a similar pledge by Miami’s mayor.

[Source: Spark Global Limited]

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