Bitcoin and Ether are reaching record highs as a craze for the increase in cryptocurrency adoption

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Bitcoin and Ether hit record highs in Asian trading on Tuesday as cryptocurrency adoption excitement and fears of inflation supported the asset class.

Bitcoin rose to $ 67,803 (about Rs 50.07 lakh) and ether, the second largest cryptocurrency by market value, hit $ 4,825 (about 3.56 lakh) in the early Asian hours. The Bitcoin price in India was Rs. 54.35 lakh on November 9th at 10:41 am, while the Ether price was Rs. 3.83 lakh.

Both have more than doubled since June and are up nearly 70 percent against the dollar since early October.

“Crypto is where the quick buck is,” said Chris Weston, chief research officer at brokerage Pepperstone. “(Ether) is trending like a dream and I would be long and strong here,” he added.

“Clients are net long with 79 percent of the open positions being held long, and I can sense that the $ 5,000 (roughly Rs. 3.69 lakh) party may be about to begin.”

Since the launch of a futures-based bitcoin exchange trade fund in the US last month, momentum has increased and expectations for flow-related profits raised.

Bitcoin inflows last week totaled $ 95 million (roughly Rs.701 billion), the largest inflow of any digital asset, while the inflows during an eight-week bull run for the cryptocurrency were $ 2.8 billion (roughly $ 701 billion) Rs 20,681 billion), CoinShares data showed on Monday.

In the past few weeks, Australia’s largest bank has also announced that it will offer crypto trading to retail clients.

The moves have helped push the total market capitalization of cryptocurrencies to over $ 3 trillion (approx. 2.21.58.809 billion rupees), according to crypto price and data aggregator CoinGecko.

On the CoinMarketCap platform, which tracks 13,796 cryptocurrencies, the total market cap of cryptocurrencies was just under $ 3 trillion at $ 2.92 trillion (roughly Rs 2.15.69.315 billion).

© Thomson Reuters 2021

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Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended as financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for losses that may arise from an investment based on perceived recommendations, forecasts or other information contained in the article.

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