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With “fast money” Bitcoin, the ether leads Reuters to new records

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© Reuters. FILE PHOTO: Representation of the virtual cryptocurrency Ethereum is seen among the representations of other cryptocurrencies in this image taken on June 14, 2021. REUTERS / Edgar Fire / Illustration

Author: Tom Westbrook

SYDNEY (Reuters) – and the ether set a record high in Asian trade on Tuesday, as the excitement of taking cryptocurrencies and fears of inflation helped the asset class.

Bitcoin rose to $ 67,803 and ether, the second largest cryptocurrency in terms of market value, jumped to $ 4,825 in the first hours of Asia.

Both have more than doubled since June and have risen nearly 70% against the dollar since early October.

“Crypto is where fast money is,” said Chris Weston, head of research at Pepperstone Brokerage. “(Ether) is in vogue like a dream and I would be long and strong here,” he added.

“Clients are very long, holding 79% of open positions for long, and I feel like $ 5k can get the party up and running soon.”

Momentum has been gathering since the futures-based bitcoin exchange was launched in the United States last month, boosting earnings-driven earnings expectations.

Bitcoin’s revenue was $ 95 billion last week, representing the largest revenue of all digital assets, and cryptocurrency revenue was $ 2.8 billion in an eight-week bull run, CoinShares data showed Monday.

In recent weeks, Australia’s largest bank has also said it will offer crypto trading to retail customers, which Singapore authorities have described as positive in the asset class and a positive mood swap in the stock.

The moves have helped raise the total market capitalization of cryptocurrencies by more than $ 3 trillion, according to CoinGec’s crypto prices and data aggregators.

On the CoinMarketCap platform, which tracks 13,796 cryptocurrencies, the total market capitalization of the cryptocurrency was less than $ 3 trillion, at $ 2.92 trillion.

(This story was rewritten to correct the geographical error in paragraph 1)

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