Cryptocurrency prices today rallied with Bitcoin rising as far as $67,700 and ether, the second-biggest cryptocurrency by market value, hit $4,800. Both have more than doubled since June and added nearly 70% against the dollar since the start of October. The moves helped lift the total market capitalisation of cryptocurrencies above $3 trillion, as per CoinGecko.
The world’s largest digital cryptocurrency by market value gained as much as nearly 3% to $67,778, taking out the last record set on October 20 at just below $67,000. The little more than decade-old market for digital assets has already roughly quadrupled from its 2020 year-end value. Bitcoin has gained over 130% year-to-date.
Meanwhile Ether, the coin linked to ethereum blockchain and the second largest crypto, hit a record high of $4,800 by rising over 2%. Ether has been trading around an all-time high, catching up with bitcoin’s rally and riding on news of wider blockchain adoption.
Dogecoin price was up 5% to $0.28 whereas Shiba Inu also gained over 5% to $0.000057. The performance of other cryptocurrencies like Cardano, Litecoin, XRP, Polkadot, Uniswap, Stellar also improved and rallied over the last 24 hours.
Bitcoin’s ride has been volatile as the token plunged below $30,000 in June amid criticism of its energy consumption and China’s cryptocurrency crackdown. It then began to recover in part as the crypto sector adjusted to China’s broadsides.
Aside from Bitcoin, blockchain networks like Ethereum and Solana continue to upgrade and attract new functionality. Demand for decentralized finance and non-fungible tokens is also growing. Meanwhile, memecoins like Dogecoin and Shiba Inu continue to attract speculative investors.
(With inputs from agencies)
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