Bitcoin, ether hit new highs as cryptocurrency adoption increases

By Team Newsable | First Published Nov 9, 2021, 2:27 PM IST

In the early Asian hours, bitcoin reached a high of $67,803, while ether, the second-largest cryptocurrency by market value, got $4,825 per unit.

Bitcoin and ether hit new highs in Asia trade on Tuesday, as excitement for cryptocurrency adoption and concerns about inflation bolstered the asset class. In the early Asian hours, bitcoin reached a high of $67,803, while ether, the second-largest cryptocurrency by market value, got $4,825 per unit. Since June, both have quadrupled and are up almost 70% against the US dollar since the beginning of October.

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. Last week, bitcoin inflows totalled $95 million, signifying the highest inflows of any digital asset. During the cryptocurrency's eight-week bull run, inflows totalled $2.8 billion, according to CoinShares statistics released on Monday.

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In recent weeks, Australia's largest bank has also announced that it will provide crypto trading to regular consumers, Singaporean officials have sounded bullish on the asset class, and spillover from a bullish stock market has added support. The changes, according to crypto pricing and data aggregator CoinGecko, have helped drive the global market value of cryptocurrencies beyond $3 trillion. The overall cryptocurrency market capitalization was just under $3 trillion on the CoinMarketCap website, which counts 13,796 coins, at $2.92 trillion.

Also Read | Bitcoin price surges to $50,000 for first time in four weeks

Bitcoin, the world's most valuable cryptocurrency by market capitalization, surpassed $50,000 for the first time in October, with market capitalization increased by more than 5% to $50,312. It fell further in September, reaching a low of $40,596 on September 21. According to Chainalysis, India, Vietnam, and Pakistan are helping to lead the rise of cryptocurrency marketplaces in central and southern Asia. According to Chainalysis research, India's market expanded 641 per cent over the last year, while Pakistan's market climbed 711 per cent, based on a statistic that calculates the total bitcoin received by a nation.

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