Tom Westbrook

SYDNEY, (Reuters) – Bitcoin and ether reached record highs in Asia on Tuesday due to enthusiasm about cryptocurrency adoption and concerns over inflation.

It reached $67.803 at the peak, and in Asian early hours, ether (the second largest cryptocurrency market-value) reached $4.825

They have increased by more than 70% since the beginning of October and nearly doubled in June.

Chris Weston from brokerage Pepperstone said, “Crypto’s where fast money is.” “(Ether), trending like a dream, and I’d love to be here long and strong,” he said.

“Clients have been net long with 79% open positions being held long. I feel the $5k party may be getting started soon.”

Momentum is gathering in America since last month’s US launch of the futures-based Bitcoin exchange-traded funds. It raised hopes for flow-driven gains.

Bitcoin inflows reached $95million last week. This is the highest inflow of any digital asset. However, inflows over the eight-week bull market for cryptocurrency were $2.8billion, according to CoinShares data.

In recent weeks, Australia’s biggest bank has also said it will offer crypto trading https://www.reuters.com/business/cop/australias-cba-leads-industry-offer-in-app-crypto-trading-2021-11-02 to retail customers, Singaporean authorities have sounded positive on the asset class and spillover from a positive mood in stocks has lent support.

These moves contributed to a rise in the market capitalisation for cryptocurrencies over $3 trillion according to CoinGecko.

According to CoinMarketCap, 13,796 cryptocurrency markets were tracked by the platform. The market cap for all crypto currencies was below $3 Trillion at $2.92 Trillion.