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Major cryptocurrencies such as Bitcoin and Ethereum blockchain’s native token Ether, have posted massive gains as they continue their rally this month. In fact, both coins just set new all-time highs as BTC breached $68,000 while ETH soared past $4,800 on the same day.
Bitcoin just set a new record on November 9, 2021, when it traded at $68,525.84 based on data from Coindesk. This is the first time ever that BTC’s price soared past $68,000.
While the crypto’s price has retreated slightly after setting its new ATH, BTC’s price managed to still stay above $68,000. At the time of writing, Bitcoin traded at $68,189.45 with YTD returns of 134.89 percent.
Bitcoin, which started its upward price movement at the beginning of October, is increasingly being viewed as a store of value asset like gold. With investing worried about rising inflation, many have been buying the crypto as a hedge.
“The re-emergence of inflation concerns among investors during September/October 2021 appears to have renewed interest in the usage of bitcoin as an inflation hedge,” JPMorgan analyst Nikolaos Panigirtzoglou said. “Bitcoin’s allure as an inflation hedge has perhaps been strengthened by the failure of gold to respond in recent weeks to heightened concerns over inflation.”
In fact, the investment bank has reiterated its BTC price prediction of $146,000 in the long term. Bitcoin could also potentially rise to as high as $73,000 by 2022 as investors move some of their gold allocations to Bitcoin.
Similarly, Ether (ETH) also set a new record on the same day as Bitcoin. The native crypto of the Ethereum blockchain soared as high as $4,839.92 on November 9, 2021. ETH’s price also retreated slightly after setting the new record and traded at $4,806.50 at the time of writing. However, it posted higher year-to-date returns than BTC at 552.78 percent.
