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Wednesday, May 22, 2024

Bitcoin and ether reach fresh all-time highs as a result of “fast money”

During Tuesday’s Asian trading day, bitcoin and ether reached new highs, as investors’ excitement for cryptocurrency adoption and concerns about inflation boosted demand for the asset class.

In the early hours of the Asian morning, bitcoin hit a peak of $67,803 and ether, the second-largest cryptocurrency by market valuation, hit $4,825 per coin.

Both currencies have more than doubled in value since June and have gained about 70% in value relative to the dollar since the beginning of October.

According to Chris Weston, director of research at brokerage Pepperstone, “cryptocurrency is where the quick money is.” In addition, he said that “(Ether) is trending like a dream, and I’d be long and strong here.”

Customers are net long, with 79 percent of open positions remaining long, and I have a feeling the $5k bash will get underway shortly.”

It has been building momentum since the debut of a bitcoin futures-based exchange-traded fund in the United States last month, which fuelled hopes of flow-driven rises in the cryptocurrency.

Bitcoin inflows totaled $95 million last week, reflecting the greatest inflows of any digital asset, according to CoinShares statistics released on Monday. During an eight-week bull run for the cryptocurrency, inflows totaled $2.8 billion, according to the same data.

In recent weeks, Australia’s largest bank announced that it would begin offering cryptocurrency trading to regular consumers, Singaporean authorities expressed confidence in the asset class, and spillover from a bullish stock market has added support to the cryptocurrency market.

According to CoinGecko, a cryptocurrency pricing and data aggregator, the changes have assisted in pushing the overall market capitalization of cryptocurrencies past the $3 trillion barrier.

At $2.92 trillion, according to the CoinMarketCap website, which analyses 13,796 coins, the overall cryptocurrency market capitalization was barely below $3 trillion, according to the platform.

David Faber
David Faber
I am a Business Journalist of The National Era
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