Bitcoin & Ether reach a record-breaking peak amid Crypto rally

New Delhi: Bitcoin and Ether cryto currencies made record-breaking peaks in the Asia trade on Tuesday, following the enthusiasm for cryptocurrency adoption. Bitcoin was trading at $68,564 in afternoon trade and Ether was trading at a high of $4,825. Ether is the second most popular cryptocurrency by market value.

Both the digital currencies have more than doubled their value since June and added about 70% against the dollar since the beginning of October.

Pointing towards the sharp spike in demand from large investors and even pension funds, Matthew Dibb, the chief operating officer at Singapore-based crypto asset manager Stack Funds said, “We’re getting the feeling that the market has shifted.”

“People are now figuring out that not having any exposure, even a small amount, is probably not a good thing moving forward, so they’re having to allocate at this price,” he added.

Market momentum has been gaining since October’s launch of a futures-based bitcoin exchange-traded fund in the United States that escalated expectations of flow-driven gains.

According to digital asset manager CoinShares, so far, the flow of bitcoin products and funds has reached a record $6.4 billion. It has amounted to $95 million last week.

Positive news including Grayscale’s plans has attempted to convert its flagship bitcoin trust into a spot-bitcoin exchange-traded fund. The world’s largest digital currency manager, Grayscale has also applied to list a “future of finance” fund that would enable tracking companies involved in the growth of crypto.

“Crypto is where the fast money is at,” said Chris Weston, head of research at brokerage Pepperstone.” (Ether) is trending like a dream and I’d be long and strong here,” he added.

“Clients are net long, with 79% of open positions held long, and I can sense the $5k party could get going soon.”