Rising inflation, as well as increasing interest from regular investors, have fueled the spike.
Tim Cook, Apple’s CEO, boosted sentiment by saying yesterday that he owns bitcoin and has been “interested in it for a long.”
“Bitcoin struck a new all-time high early this morning, topping at $68,500,” said Jonas Luethy, Sales Trader at the UK-based digital asset trader GlobalBlock.
“Some data reveal that 85 percent of current supply has been idle over the previous three months, leading analysts to believe that a shortage of supply is a big problem.”
“At the same time, supply held on exchanges is at an all-time low.
“Analysts predict a goal of $75,000 on the upside, but if the price falls below the 50-day moving average at about $56,000, the price might fall to the 50-day moving average.”
Ethereum, the world’s second-largest cryptocurrency, also hit a new high yesterday, as other digital assets followed bitcoin higher.
At $4,727.47, the cryptocurrency was up 2.6 percent.