The price of Bitcoin, the world’s biggest cryptocurrency, has reached an all-time high above $68,000 U.S., surpassing a previous record set in late October.
Bitcoin climbed as high as $68,521 U.S. in pre-market trading before easing slightly to $67,935. The digital coin has risen 3% in the past 24 hours, according to data from Coin Metrics.
At the same time, Ethereum, the second largest cryptocurrency, notched a record high of $4,840, surpassing the $4,800 level for the first time ever. Ethereum traded 2% higher in the last 24 hours.
These record-breaking moves come amid a wider rally in the cryptocurrency market. The ProShares Bitcoin Strategy ETF, which launched in October and tracks Bitcoin futures contracts tied to the future price of the cryptocurrency, was up more than 8% yesterday (November 8).
Some analysts think that both Bitcoin and Ethereum will continue to trend upward in the weeks ahead, with many on Wall Street forecasting that Bitcoin will rise above $70,000 U.S. in the short-term.
JPMorgan Chase (NYSE:JPM) recently doubled down on its prediction that Bitcoin would ultimately hit $146,000, with a shorter-term price target of $73,000 at the end of this year.
Next week, Bitcoin rolls out its biggest upgrade in four years. The software upgrade is known as “Taproot” and will mean greater transaction privacy and efficiency, as well as unlock the potential for smart contracts, a key feature of its blockchain technology.
Meanwhile, the price of Ethereum has been on an upswing since it implemented “Altair,” a network upgrade that went live in late October.
