SYDNEY – climbed up to a two-and a-half week peak Monday, and ether climbed a record high as cryptocurrencies ride higher thanks to a wave of momentum and flows that backed inflation fears and favourable news.

Bitcoin was at its lowest point of 3%, $65,121. Similarly, the record high for ether at $4,711 (which underpins Ethereum’s network), was Bitcoin.

Since October, Ether has risen 57% and bitcoin by about 50%. Investors have been cheering the U.S. launch of a futures-based Bitcoin exchange-traded fund. They also sought to gain exposure to an asset sometimes considered an inflation hedge.

As traders prepare for inflation, falling real yields will increase the appeal of assets like gold and cryptocurrencies that do not have a coupon. Kyle Rodda is an analyst at broker IG Markets. He also stated that there has been a positive mood within the industry.

He said, “Financial institutions would like to be part of the system. Regulators don’t want too many restrictions on it.” “We are almost at the point of inflection, when it becomes part the system. It will be extremely, very difficult to get it out.”

Recently, Australia’s largest bank said that it would offer cryptocurrency trading to its retail customers. Singaporean officials have been positive about the asset class.

Eric Adams, the New York City Mayor-elect, stated last week that he will take three of his paychecks in Bitcoin and indicated his intent to make New York the “center” for the cryptocurrency industry. This follows a similar promise from Miami’s mayor.