Bitcoin, ether continue rally
SINGAPORE – In Asian trading on Saturday, the most popular cryptocurrency, bitcoin, hit a fresh high, extending its two-month rally which witnessed its market capitalisation cross $1 trillion a day earlier.
Bitcoin climbed to a record $56,620, taking its weekly gain to 18%. It has spiked more than 92% this year.
The cryptocurrency’s gains have been fuelled by proof that it is gaining momentum among investors and firms such as Tesla Inc, Mastercard Inc and BNY Mellon.
Ether, which is the second-largest cryptocurrency in terms of market capitalization and daily volume, touched a record $2,040.62, for a weekly gain of about 12%.
Ether is used to facilitate deals on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.