Bitcoin hit its new all-time high this morning in the Asia-Pacific region by jumping 2% in the past hour to reach US$67,826 according to data from CoinGecko — pushing the total crypto market capitalization to more than US$3 trillion. Ethereum’s Ether, the second-largest cryptocurrency, also surged today to a new all-time high of US$4,833.
This marks the second time in under a month that Bitcoin’s reached a new level after breaking the high water mark from the bull run from the start of the year and signaling a recovery from the May crash, which saw it lose more than 40% of its value in under a month.
Jeff Yew, CEO of Monochrome, Australia’s first fund to offer institutional-grade exposure to Bitcoin, told Forkast.News that recent events like El Salvador’s adoption of Bitcoin, large companies adding Bitcoin to their treasuries, continued institutional adoption and the approval of BTC futures exchange-traded funds all contributed to this price action.
“This series of events indicated to the market that institutional players and regulators worldwide have warmed to Bitcoin and see it as an investable asset,” Yew said. “The market then takes this as tacit approval, which then sees more inflows into spot markets globally, driving the price higher.”
Ethereum has been on a tear since the weekend, gaining 10% over that time. After breaking a new all-time high only yesterday, ETH continued that upward trajectory to reach its new peak just three hours ago, according to CoinGecko.
It’s been a stellar run for many coins in the crypto top 10 recently, with smart-contract enabled Solana reaching US$260 to break its all-time high only two days ago to bump itself up into the fourth position by market cap.
Amid this market surge, the total crypto market capitalization topped US$3 trillion dollars in the past 24 hours as well, according to CoinGecko.
“The three trillion is a remarkable achievement for the entire space, no doubt,” Yew said. “But it’s also important to consider that there are different types of assets and they’re all very distinct in its purpose, its ideology, its audiences and its price discovery mechanism when compared to Bitcoin. So new investors should keep in mind that while there are many types of products in the crypto-verse, it doesn’t necessarily mean that the prices will correlate and should correlate with each other.”