Bitcoin hit an all-time high of $ 68.513 on Tuesday early in Asia, continuing its momentum as the combined value of all cryptocurrencies surpassed $ 3 trillion on Monday.
Bitcoin took 3.2% to $ 68,513 around eight o'clock, while ethereum, the second largest cryptocurrency, took 1.6% to $ 4,814.
"
The two cryptocurrencies have more than doubled since June and have gained nearly 70% against the dollar since the beginning of October,
" noted Christian Parisot, analyst at broker Aurel BGC.
"
Momentum has picked up since the launch last month of a US futures-based bitcoin exchange-traded fund, which raised expectations of flow-induced gains
," explains- he does.
An alternative to inflation
Since the end of October, the American markets have had access to an index product (ETF) backed by bitcoin, which allows investors to bet on the rise of the first cryptocurrency without leaving Wall Street.
Moreover, unlike the euro or the dollar, the number of bitcoins has been set at 21 million, which are issued gradually, a rule that cannot be changed without controlling the entire decentralized network.
Some investors believe that cryptocurrencies are therefore a way to protect against inflation, which is rising in Europe and North America.
The cryptocurrency market represented around ten a.m. on Tuesday $ 3.081 billion, according to the CoinGecko site, which tracks the market for more than 10,000 cryptocurrencies.
“
This bitcoin crossing could signal the start of a final high for the fourth quarter ahead of more pronounced market consolidation next year
,” Fundstrat said in a technical strategy report on Monday.
“
The strength of bitcoin, ethereum and many other altcoins is to be expected in the coming weeks
,” adds the strategic report.
