Bitcoin, Ether Achieve Record Highs as Enthusiasm for Cryptocurrency Adoption Increase

Bitcoin rose as high as $67,803 (roughly Rs. 50.07 lakh).

By Reuters | Updated: 9 November 2021 10:58 IST

Bitcoin, Ether Achieve Record Highs as Enthusiasm for Cryptocurrency Adoption Increase

Bitcoin and Ethereum have more than doubled since June and added nearly 70 percent against the dollar

Highlights

Bitcoin inflows totalled $95 million (roughly Rs. 701 crore) last week
Australia’s biggest bank to offer cryptocurrency trading to customers
Total cryptocurrency market capitalisation was just below $3 trillion

Bitcoin and Ether made record peaks in Asia trade on Tuesday as enthusiasm for cryptocurrency adoption and fears about inflation lent support to the asset class.

Bitcoin rose as high as $67,803 (roughly Rs. 50.07 lakh) and Ether, the second-biggest cryptocurrency by market value, hit $4,825 (roughly Rs. 3.56 lakh) in early Asian hours. Bitcoin price in India as of November 9 at 10:41am IST was Rs. 54.35 lakh, while Ether price was Rs. 3.83 lakh.

Both have more than doubled since June and added nearly 70 percent against the dollar since the start of October.

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"Crypto is where the fast money is at," said Chris Weston, head of research at brokerage Pepperstone. "(Ether) is trending like a dream and I'd be long and strong here," he added.

"Clients are net long, with 79 percent of open positions held long, and I can sense the $5k (roughly Rs 3.69 lakh) party could get going soon."

Momentum has been gathering since last month's launch of a futures-based bitcoin exchange-traded fund in the United States raised expectations of flow-driven gains.

Crypto Market Is Now Worth Over $3 Trillion

Bitcoin inflows totalled $95 million (roughly Rs. 701 crore) last week, representing the largest inflows of all digital assets, while inflows during an eight-week bull run for the cryptocurrency were $2.8 billion (roughly Rs. 20,681 crore), the CoinShares data showed on Monday.

In recent weeks, Australia's biggest bank has also said it will offer crypto trading to retail customers, Singaporean authorities have sounded positive on the asset class and spillover from a positive mood in stocks has lent support.

The moves have helped lift the total market capitalisation of cryptocurrencies above $3 trillion (roughly Rs. 2,21,58,809 crore), according to crypto price and data aggregator CoinGecko.

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On the CoinMarketCap platform, which tracks 13,796 cryptocurrencies, the total cryptocurrency market capitalisation was just below $3 trillion at $2.92 trillion (roughly Rs. 2,15,69,315 crore).

© Thomson Reuters 2021

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Cryptocurrency Prices across Indian exchanges

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