Bitcoin, Ethereum rally keeps going as both touch fresh all-time highs

Bitcoin cleared the $2,800-level for the first time on Tuesday, while Ethereum touched yet another all-time high, as a monster rally continues amid bullish noises around the future of the cryptocurrencies.

BT rose to a daily peak of $2,879.00 on the U.S.-based GDAX exchange at one point, its highest on record. It was last at $2,860.90 by 6:45AM ET (1045GMT), up about 10% on the day.

Other big exchanges such as Poloniex, Bitfinex and BitStamp also showed the cryptocurrency above the $2,800-level early Tuesday.

Since the start of the year, the price of bitcoin has soared roughly 195%, taking the total value of the cryptocurrency in circulation to around $46 billion.

Recent gains were likely driven by soaring demand in Asia, most notably Japan, China and South Korea.

Buyers have also been piling into the digital currency amid speculation that the U.S. Securities & Exchange Commission may overturn its decision to ban the creation of a Bitcoin Exchange Traded Fund.

An approved ETF would make bitcoin investing simple for small traders and institutions.

Bullishness around bitcoin has stoked appetite for other cryptocurrencies. One in particular known as Ethereum is gaining traction.

Ethereum has risen from $8.24 on January 1, to a high of $259.15 on Tuesday. This represents a whopping 2,840% increase year-to-date.

Leave a Reply

Your email address will not be published. Required fields are marked *