Bitcoin Surpasses $68,000 Mark Hitting All-Time High 

Gitumani  |  Nov 9, 2021

Bitcoin surpassed the $68,000 mark on Tuesday, joining No. 2 cryptocurrency Ether in setting a new all-time high. According to reports, Bitcoin surged more than 4% in early Asia trading on Tuesday to a new record high of $68,641.57. Ether's price continued to rise, reaching a new high of $4,857.25.

The world's biggest cryptocurrency, with a market value of more than $1.29 trillion, has belatedly joined the larger cryptocurrency rally, which has seen the likes of Solana, Polkadot, and Avalanche set new highs in recent sessions.

Inflation protection for Bitcoin as it Touches All-Time High

Bitcoin's recent rise stems from its role as an inflation hedge, with central banks throughout the globe trapped between post-pandemic recovery and inflationary pressures.

"Truly after Bitcoin's astonishingly quick recovery from Beijing's mainland ban on Bitcoin mining in June, the market looks to be headed for a fall in the months ahead, with a stronger speculative emphasis on Ethereum..," Jefferies said.

Bitcoin and Ether prices both increased by more than 10% this week. While most bitcoin investors celebrated its recent climb on social media with "Happy all-time highs," some were less enthusiastic.

How have Alt-coins performed?

Binance Coin increased 1% to $648.15 on Tuesday. The third-largest cryptocurrency remained roughly 5% behind its all-time high, which was set in early May. Avalanche gained more than 4%, bringing its seven-day gains to about 40%.

Solana and Polkadot both slipped from record highs on Tuesday, but are presently trading at $247.73 and $52.73, respectively, in the last 24 hours. In early Asia trade, Shiba Inu, and Dogecoin, two meme currencies, both rose more than 5%.

"Although certain Altcoins have surpassed Bitcoin, it remains the market leader, accounting for more than 40% of the worldwide crypto market and acting as the first onboarding coin for many new investors, whether retail, institutional, or even governments," said Juan Pellicer, research analyst at IntoTheBlock.

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