On Tuesday, the cryptocurrency market soared to an all-time high, reaching a market cap of $3 trillion, as the world’s two largest cryptocurrencies surged to record highs. Bitcoin has rallied more than 6% since Nov. 7 to reach $67,591.86, while Ether, the token supporting the Ethereum blockchain, gained 3.5% to hit $4,789.45 as of Tuesday at 11:32 a.m. Hong Kong time, according to data from Coinmarketcap.com.
The top ten digital coins have climbed in the last week, with Ether competitor Solana up nearly 21% and Elon Musk-favorite Dogecoin up almost 5%.
Since October, Bitcoin and Ether have each jumped nearly 31% as investors flock to digital assets, seen as a hedge against inflation. Buzz about non-fungible tokens (NFTs), new blockchain projects, and rising crypto stars like Solana and dog-inspired Shiba Inu are fueling investors’ growing interest.