Bitcoin Rises above $68 Thousand for First Time in History
OREANDA-NEWS. On the morning of November 9, bitcoin set a new all-time high of $68.5 thousand. Over the past 24 hours, the cryptocurrency gained 3%, while over the week it rose 11%. As of 9:50 Moscow time, the asset is trading at $67.8 thousand. It is capitalized at $1.28 trillion with daily trading volumes above $40 billion, according to CoinGecko.
Following bitcoin, the largest altcoin, Ethereum, also hit a new high. Its price reached $4.8 thousand. ETH's market share reached 18.5%. At the same time, bitcoin occupies 41.7% of the market.
Both cryptocurrencies have more than doubled in value since June this year and have added almost 70% against the dollar since early October alone, Reuters noted. "We feel the market has shifted,"- Matthew Dibb, head of Singapore-based crypto-asset management company Stack Funds, told the agency, pointing to a surge in demand from large investors and even pension funds. According to him, people have begun to realise that not having crypto-assets in their portfolios is short-sighted and are forced to invest in tokens at high prices.
Experts expect the value of cryptocurrencies to continue to rise. On Monday, the head of crypto hedge fund ARK36, Mikkel Morch, said that a price of $70 thousand per bitcoin now "seems inevitable". Analysts at JPMorgan had previously not ruled out that the token could rise to $100 thousand as early as this year, and exceed $146 thousand in the longer term as gold is displaced as a protective asset.
Artem Deyev, head of analytics at AMarkets, also spoke to the press, noting that bitcoin looks capable of surpassing the $100 thousand mark. However, after reaching this milestone, many investors will start exiting the asset, as they will want to lock in profits, the expert said.