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.
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.
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.
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%.