Bitcoin and Ether hit new highs in Asian trade on Tuesday, bolstered by excitement for cryptocurrency adoption and concerns about inflation.
In early Asian hours, Bitcoin touched a peak of $67,803 (approximately Rs. 50.07 lakh) while Ether, the second-largest cryptocurrency by market value, achieved $4,825 (about Rs. 3.56 lakh). As of November 9 at 10:41 IST, the price of Bitcoin in India was Rs. 54.35 lakh, while the price of Ether was Rs. 3.83 lakh.
Both have gained about 70% versus the dollar since the beginning of October, having more than doubled since June.
Chris Weston, head of research at brokerage Pepperstone, stated, “Crypto is where the fast money is at.” “(Ether) is trending like crazy right now, and I’d be here for a long time,” he continued.
“Clients are net long, with 79 percent of open positions maintained long, and I have a feeling the $5k (approximately Rs 3.69 lakh) party is about to get started.”
Since the debut of a futures-based bitcoin exchange-traded fund in the United States last month, which heightened expectations of flow-driven increases, momentum has been building.
According to CoinShares statistics released on Monday, bitcoin inflows totaled $95 million (approximately Rs. 701 crores) last week, reflecting the greatest inflows of all digital assets, while inflows throughout an eight-week bull run for the cryptocurrency were $2.8 billion (about Rs. 20,681 crores).
In recent weeks, Australia’s largest bank said it will provide crypto trading to regular consumers, Singaporean authorities have sounded favorable on the asset class, and the asset class has benefited from the optimistic mood in markets.
According to CoinGecko, a cryptocurrency pricing and data aggregator, the changes have helped push the overall market capitalization of cryptocurrencies past $3 trillion (approximately Rs. 2,21,58,809 crore).