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9 Nov 2021

Bitcoin and Ether Peak as Market Continues to Grow in Crypto

The Index Today

Ethereum and Bitcoin hit records on Tuesday in Asia trade as inflation worries continue to boost the market. Many experts have said that cryptocurrency is being met with enthusiasm across markets, giving it an edge in trading.

Bitcoin went to $68,564 in Asia afternoon trade whereas ether reached $4,825, making it the second-biggest cryptocurrency in the market. Both cryptocurrencies have increased 70% against the USD and doubled in value since last June. Matthew Dibb, CEO at Stack Funds stated, “Were 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.”

Since the launch of Bitcoin ETF in the U.S last month, the cryptocurrency market has been showing strong gains. Investment into Bitcoin Products has reached $6.4 billion this year according to CoinShares. Last week alone, Bitcoin funds hit a new record at $95 million. Other events have also added to the momentum of the cryptocurrency market such as Grayscale’s “future of finance” fund.

Chris Weston from Pepperstone expressed his views saying, “Crypto is where the fast money is at. Ether is trending like a dream and if be long and strong here. Clients are net long, with 79% of open positions held long, and I can sense the $5k party could get going soon.”

©Photo: NurPhoto / Getty Images

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