Bitcoin, the oldest and most dominant cryptocurrency in the blockchain world, surpassed $ 68,000 for the first time in its history, reaching $ 68,530. during Asian time operations. The new step surpassed by the most important token occurred alongside a record of Ether, the cryptocurrency of the Ethereum network second in market value, which reached USD 4,831 marking a new all-time high. Bitcoin is estimated to account for about 43% of the crypto market, while Ether accounts for another 23% of the total.
The crypto markets have been in bullish mode since the beginning of October, adding almost a trillion dollars to their total value in just one month. In the early hours of this Tuesday, the total capitalization of the cryptocurrency market has reached close to USD 3 trillion, according to data from CoinMarketCap.
Bitcoin is perceived by many investors as a valuable asset like gold, making cryptocurrency a safe haven as concerns about inflation mount all over the world. Meanwhile, Glassnode blockchain data cited by Coindesk shows that the number of unique wallets with a balance of more than zero bitcoins has once again approached 39 million, a figure that is close to the record 38.7 million. last may.
In the meantime, Bitcoin mining hashrate – a measure of the total computational power used to process Bitcoin blockchain validation – could return to new all-time highs before the end of the year. That computational power applied to the Bitcoin network had plummeted in July due to China’s crackdown on cryptocurrency mining.
The advance of the price of the second most important cryptocurrency, Ether, was given by the hand of reports showing that the Ethereum network burned more Ether than it emitted for at least a weeka, after the Ethereum hard fork upgrade in London introduced a mechanism to burn a large chunk of transaction fees, measured in Ether, rather than send them to miners. LBurning means that Ether is permanently removed from the supply, reducing the quantity in circulation and therefore tending to raise the price per unit..
Meanwhile, concerns around the scalability of the Ethereum blockchain and high transaction fees continued to move the market’s attention to so-called alternative Ethereum tokens, both of which have more than doubled since June and are up nearly a year. 70% against the dollar since the beginning of October.
Chris Weston, head of research at brokerage Pepperstone, told Reuters that cryptocurrencies like Ether were trending and “where the fast money is.”
Momentum has been building since the launch of a futures-based bitcoin exchange-traded fund in the United States last month raised expectations for flow-driven earnings.
Inflows to Bitcoin totaled $ 95 million last week, representing the largest inflow of all digital assets, while inflows during an eight-week bull streak for the cryptocurrency were $ 2.8 billion, according to data from CoinShares.
In recent weeks, Australia’s largest bank also said that it will offer the possibility of trading cryptocurrencies to retail clients, the Singapore authorities were positive regarding this asset class and the positive environment of traditional markets also served as support.
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