Bitcoin has reached $68,000 for the first time and it has hit $68,382.60 during Asian hours trading.
Since the start of October, the crypto markets have remained in a bull mode, with the overall crypto market adding around $1 trillion to its value in just a month.
At the time of this writing, cryptocurrencies have a market capitalization of about $3 trillion, according to CoinMarketCap data.
Bitcoin is commonly seen by many investors as a store of value commodity like gold, establishing the crypto as a safe haven as inflation concerns grow.
Meanwhile, data from Glassnode reveals that the number of unique wallets with a balance of more than zero bitcoin has returned to just under 39 million, which is close to a record high of 38.7 million in May.
Bitcoin’s balances on exchanges continued to drop, while Bitcoin mining hashrate, a gauge of the overall computational power dedicated to securing the Bitcoin blockchain, might rise new all-time highs before the end of the year – after it plummeted in July owing to China’s clampdown on bitcoin mining.
Bitcoin was trading at around $68,000 around 05:00 a.m. UTC on Tuesday. The price of Ether, the world’s second-largest cryptocurrency by market capitalization, hit an all-time high of $4,823.95 on Coinbase, according to CoinDesk.
The explosion in the price of Ether was prompted by media reports that suggested that the Ethereum network had burned more ether than it generated for at least a week following the launch of a mechanism to burn a significant portion of transaction charges, measured in ether, rather than sending them to miners.
The ether is burned when it passes through the Ethereum blockchain.
People are worried about Ethereum’s ability to scale and how much it costs. So people are moving their attention to tokens like solana, polkadot, terra, and avalanche.