Bitcoin hits record levels as it soars past $67,000

Bitcoin hits record

The world’s largest digital coin by market value rose 2.5% on Tuesday to $67,778, taking out Bitcoin’s last record set on Oct. 20 at just below $67,000

Bitcoin jumped past $67,000 for the first time to a new all-time high, part of a wider recent rally in the crypto currency sector. The world’s largest digital coin by market value rose 2.5% on Tuesday to $67,778, taking out Bitcoin’s last record set on Oct. 20 at just below $67,000. The climb in crypto currencies 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.

Crypto currency has grown fourfold in 2021 and is now valued at upwards of $3 trillion, according to a Monday Bloomberg report.

Bitcoin is integral in the market value of crypto currency. Bitcoin has gained more than 130% year-to-date (YTD). The market cap of the crypto asset surpassed $1 trillion and hit a record high price in October.

The ride was volatile as the token plunged below $30,000 in June amid criticism of its energy consumption and China’s crypto currency 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 (NFTs) is also growing. Meanwhile, memecoins like Dogecoin and Shiba Inu continue to attract speculative investors.

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