Bitcoin Passes $68.000 For A New Record; Ether Right Behind

2021-11-09 18:09:18

The most valuable crypto asset in the world, Bitcoin, reaches a record price by passing $68.000, or $68.382 exactly. This milestone is part of the ongoing increase that the crypto market has had since October.

As a result, the crypto market reports an almost $1 trillion dollars increase to its total value. And that is just in the span of one month. According to the numbers by CoinMarketCap, the total capitalization of the crypto market now amounts to nearly $3 trillion.

Moreover, Glassnode also presented its blockchain data where they show an increase in wallets with bitcoin on their balance. Specifically, there are almost 39 million wallets that have more than zero bitcoin.

That makes for almost 300k more accounts than the previous record of 38.7 million back in May.

Additionally, Glassnode’s Monday report states that the balances registered with crypto exchanges report a significant drop. Also, the report states that the bitcoin mining hashrate could set a new record number by the year-end. Which consequently, is a result of the Chinese crypto-crackdown.

Many companies that are part of the finance department believe that bitcoin will keep this record-setting trend. In fact, JPMorgan said that they expect bitcoin to reach more than $100.000 by year-end. Same as with ethereum.

Same as bitcoin, ethereum also reached a record price of $4.823. This is a result of the recent London hard fork upgrade that launched a mechanism that burns a substantial amount of the ether transaction fees. The fees do not go directly to the miners. However, this procedure ‘burns’ ether out of circulation, permanently.

The record passing $68.000 that bitcoin reaches is what many experts constantly predict to happen. Especially since the same reputable sources also predict this to be only the beginning. And that bitcoin, and ethereum, are yet to reach their full potential.

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