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Wednesday, June 29, 2022

Bitcoin Hits New all-time High Above $68,000 as Cryptocurrencies Extend Rally

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Bitcoin and Ether hit fresh all-time highs on Tuesday, extending their rally from a day earlier.

Bitcoin’s price at one point rose above $68,000, eclipsing a previous record set in late October. The world’s biggest digital currency climbed as high as $68,521 before easing slightly to $67,106.

It was last up over 2% in the past 24 hours as of 10:30 a.m. ET, according to Coin Metrics data.

Ether, the native currency of ethereum’s blockchain, notched a record high of $4,840, surpassing the $4,800 level for the first time ever.

The token traded about 1.3% higher in the last 24 hours at a price of $4,805.

These record-breaking moves come amid a wider rally in the crypto market, which surpassed $3 trillion this week. So-called “ethereum killers” solana and cardano are up 21% and 16% respectively in the last seven days.

While it is difficult to link short-term price movements to any specific event – and cryptocurrency price charts are often rife with volatility – some analysts think that both bitcoin and ether will continue to trend upward in the weeks ahead.

In a note sent on Monday, Mikkel Morch, executive director at crypto hedge fund ARK36, said a $70,000 price for bitcoin now “seems imminent.”

Others have bolder projections for where bitcoin is headed, as JPMorgan recently doubled down on its prediction that bitcoin would ultimately hit $146,000, with a shorter-term price target of $73,000 for this year.

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