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Crypto rally lifts ether to new record, bitcoin to near 3-week high

Bitcoin was last up about 3% at $65,121 and ether, which underpins the ethereum network, sat at a record top of $4,711.

November 08, 2021 / 08:49 AM IST
More than $500,000 of Crypto was stolen over the weekend

More than $500,000 of Crypto was stolen over the weekend

Bitcoin rose to a two-and-a-half-week peak on Monday and ether climbed to a fresh record as cryptocurrencies ride higher on a wave of momentum, flows, favourable news and inflation fears.

Bitcoin was last up about 3% at $65,121 and ether, which underpins the ethereum network, sat at a record top of $4,711.

Ether is up 57% since the start of October and bitcoin about 50% as investors have cheered last month’s launch of a U.S. futures-based bitcoin exchange-traded fund and sought exposure to an asset class sometimes regarded as an inflation hedge.

Falling real yields, as traders brace for inflation, adds to the attractiveness of assets such as gold and cryptocurrencies which do not pay a coupon, said Kyle Rodda, analyst at broker IG Markets, adding that the mood in the sector has also been good.