Bitcoin, Ethereum hit a record high

Two cryptocurrencies have hit new milestones. Bitcoin hit an all-time high of $68,530.34 early Tuesday, according to CoinMarketCap. That’s just a few weeks after it hit a previous high of nearly $67,000 before sliding as much as 12%. Meanwhile, Ethereum also hit a record — rising to $4,837.59, according to CoinMarketCap.

The market has been quite bullish on Bitcoin. Despite more than 13,000 cryptocurrencies listed on CoinMarketCap, the world’s largest digital coin by market value bitcoin remains the dominant digital currency. The climb in cryptocurrencies overall has taken their combined value above $3 trillion.

“This breakout in Bitcoin might signal the start of a final push-up for the fourth quarter before the crypto market shows more pronounced consolidation into next year,” Fundstrat said in a technical-strategy report Monday. “Strength in Bitcoin, Ethereum, and many other altcoins looks likely in the weeks to come.”

Bitcoin hit its October record following the launch of the first Bitcoin-linked exchange-traded fund for U.S. investors. The ProShares Bitcoin Strategy ETF, which tracks Bitcoin futures, drew more than $1.2 billion in volume on its debut. The little more than the decade-old market for digital assets has already roughly quadrupled from its 2020 year-end value. Bitcoin has gained over 130% year-to-date.

The ride was volatile: The token plunged below $30,000 in June amid criticism of its energy consumption and China’s cryptocurrency crackdown. It then began to recover in part as the crypto sector adjusted to China’s broadsides.

Aside from Bitcoin, blockchain networks like Ethereum and Solana continue to upgrade and attract new functionality. Demand for decentralized finance and non-fungible tokens is also growing. Meanwhile, meme coins like Dogecoin and Shiba Inu continue to attract speculative investors.