Bitcoin surges past $68,000 level to reach a record high

The digital coin's jump is part of a wider rally in the cryptocurrency sector that has reached a combined value of more than $3 trillion

Bitcoin jumped past $68,000 for the first time to a new all-time high, part of a wider recent rally in the cryptocurrency sector.

The world’s largest digital coin by market value gained as much as 2.5 per cent in overnight trading in the US to $67,778, taking out the last record set on October 20 at just below $67,000. The climb in cryptocurrencies overall has taken their combined value above $3 trillion.

However, at 9.06am UAE time on Tuesday, Bitcoin was up 4.8 per cent and was trading at $68,303.96, according to CoinDesk.

“This breakout in Bitcoin might signal the start of a final push-up for the fourth quarter before the crypto market shows more pronounced consolidation into next year,” Fundstrat said in a technical-strategy report on Monday.

“Strength in Bitcoin, Ethereum and many other alt-coins looks likely in the weeks to come.”

Bitcoin hit its October record following the launch of the first Bitcoin-linked exchange-traded fund for US investors. The ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, drew more than $1.2 billion in volume on its debut.

The little more than decade-old market for digital assets has already roughly quadrupled from its 2020 year-end value. Bitcoin has gained more than 130 per cent year-to-date.

The ride was volatile: the token plunged below $30,000 in June amid criticism of its energy consumption and China’s cryptocurrency clampdown. It then began to recover in part as the cryptocurrency sector adjusted to China’s regulations.

Aside from Bitcoin, blockchain networks like Ethereum and Solana continue to upgrade and attract new functionality. Demand for decentralised finance and non-fungible tokens is also growing. Meanwhile, memecoins like Dogecoin and Shiba Inu continue to attract speculative investors.

Ethereum also surged 1.93 per cent to reach a record high of $4,813.29 at 9.06am UAE time on Tuesday, according to CoinDesk.

Updated: November 9th 2021, 5:27 AM
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