New Crypto Highs for Bitcoin & Ethereum

The total cryptocurrency market topped $3 trillion Monday, for the first time, according to data from CoinGecko. Market capitalization of the crypto market has gained more than 280% since the start of this year. 

That rally for crypto has been at least partly fuelled by a run-up in Ethereum, which climbed to a record high Monday, trading near $4,800. Meanwhile, Bitcoin gained about 5.9% over the past 24 hours, recently peaking at $68,494 a new record high.

These record-breaking moves come amid a wider rally in the crypto market, which surpassed $3 trillion this week. So-called “Ethereum Killers” Solana and Cardano are up 21% and 16% respectively in the last seven days.

The ProShares Bitcoin Strategy ETF, which launched in October and tracks bitcoin futures contracts pegged to the future price of the cryptocurrency, was up more than 8% on Monday.

While it is difficult to link short-term price movements to any specific event – and cryptocurrency price charts are often rife with volatility – some analysts think that both bitcoin and ether will continue to trend upward in the weeks.

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