Bitcoin And Ether Today Hit Record High Prices In Asian Trading Session!
JAKARTA – Bitcoin and ether set record peaks in the Asian session on Tuesday 9 November due to enthusiasm for cryptocurrency adoption and concerns about inflation.
Bitcoin rose to 67,700 US dollars (Rp 965 million) and ether, the second largest cryptocurrency by market value, also reached 4,800 US dollars. Both have more than doubled since June and added nearly 70% against the dollar since early October.
According to data aggregator CoinGecko, the move helped lift the total cryptocurrency market cap above $3 trillion.
Meanwhile data from digital asset manager CoinShares shows inflows into bitcoin products and funds have reached a record high so far this year of US$6.4 billion (Rp91.2 trillion). This is due to investors buying cryptocurrencies as well as wider government acceptance of bitcoin and other positive momentum.
Bitcoin inflows alone hit $95 million last week, representing the largest inflow of any digital asset in existence. While inflows during the eight-week bull run for cryptocurrencies were US$2.8 billion, this is evident from CoinShares data on Monday, November 8.
CoinShares data on November 5 also showed overall cryptocurrency products and funds posted inflows of 174 million US dollars, the 12th consecutive week of inflows from institutional investors.
Bitcoin jumped more than 4% to as low as 66,555 US dollars on Monday, November 8 and is near a record high of 67,016.50 US dollars on 20 October. Meanwhile ether, which underpins the Ethereum blockchain, touched an all-time peak of 4,796.44 US dollars.
“The spike in BTC (bitcoin) prices is just confirmation of a very strong market setup that has developed throughout October,” said Mikkel Morch, executive director at crypto and digital asset hedge fund ARK36.
“As bitcoin exchange balances are at a three-year low while the supply of long-term holders is at an all-time high, there is very little bitcoin available to meet demand,” Morch added.
Investors also poured $31 million into Ethereum products and funds last week. Although Ethereum's market share has declined in recent months as bitcoin's dominance has grown, the recent combination of positive price performance and strong inflows pushed the asset under management to a record 20 billion US dollars.
Tron, a digital platform focused on hosting entertainment applications, had an inflow of US$79 million over the past seven weeks, making it the 8th largest virtual asset in terms of AUM.
AUM at Grayscale and CoinShares, the two largest digital asset managers, rose last week to $55.67 billion and $5.5 billion, respectively.