Bitcoin, Ethereum touch record highs; overall crypto market cap tops 3 trillion

The largest and second-largest cryptocurrencies rose as far $67,700 and $4800, respectively.
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Published on Nov 09, 2021 08:32 AM IST
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By, New Delhi

Bitcoin and Ethereum, the largest and second-largest cryptocurrencies in the world, surged to new highs on Monday, rising as far as $67,700 and $4800, respectively. In the case of Bitcoin, the fresh record comes nearly three weeks after the digital coin, on October 20, set the previous high, as it climbed to just below $67,000.

That rise in October came on the back of the launch of the Pro Shares Bitcoin Strategy ETF, the first Bitcoin-linked exchange traded fund for US investors. Speaking on the latest rise, which saw Bitcoin jump by as much as 7 per cent, Fundstrat Global Advisors said that this might signal the start of a ‘final push-up.’ It said, “This breakout might signal the start of a final push-up for the fourth quarter before the crypto market shows more pronounced consolidation into next year. Strength in cryptocurrencies, including Bitcoin, looks likely in the weeks to come.”

Ethereum, meanwhile, rallied by 4 per cent, surpassing the $4800-mark for the first-time ever. Since the start of October, it is up by around 59 per cent, while the corresponding figure for Bitcoin is 51 per cent.

However, the two largest cryptocurrencies were not the only ones to rise, with Binance Coin and Solana, the third and fourth-biggest tokens, adding more than 20 per cent in the last seven days. Overall, all of the seven biggest tokens have seen a rise over the last week.

With this, the overall market capitalisation of cryptocurrencies topped 3 trillion for the first time. However, it should be noted that these digital coins are notoriously volatile, as they achieve peak levels, only to slide by several thousand dollars.

(With agency inputs)

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