Bitcoin soars to new all-time high as cryptos rally



The price of bitcoin notched yet another all-time high as cryptocurrencies across the board continued to skyrocket.

Bitcoin — the world’s biggest digital currency — rallied as high as $68,476 per coin at one point, according to pricing data from Coinbase, before paring some of those gains.

It was last seen trading at over $67,800 per coin.

Ether, the native cryptocurrency of the Ethereum blockchain, touched a new all-time high, too, reaching $4,835 per coin overnight.

It was last seen trading at $4,791 per coin, up almost 2 percent from 24 hours earlier.

Smaller cryptos also joined in on the rally. Cardano’s market cap surpassed that of Solana, making it the fourth-largest cryptocurrency as its price surged almost 15 percent from a day earlier.

Current Bitcoin valuations
Bitcoin was last seen trading at over $67,800 per coin.
Google Charts

The approval last month of the ProShares Bitcoin Strategy ETF, the first exchange-traded fund tied to contracts associated with the future price of bitcoin, helped spark the most recent crypto rally.

That ETF was up more than 2 percent Tuesday morning.

The attitude around cryptos and bitcoin, in particular, has turned bullish in recent weeks as prices have pushed higher. But the sector is extremely volatile and prices can come crashing down or go soaring upward at any moment.

Cryptotrader application is seen running on an iPhone.
Although it has been a bullish week for digital currencies, the crypto market is notoriously volatile.
NurPhoto via Getty Images

Adding to some of the excitement around bitcoin, the coin developers are expected to roll out its biggest upgrade in four years next week.

The software upgrade is meant to provide more transaction privacy and efficiency. It will also enable so-called smart contracts on the bitcoin blockchain.


Source link