Digital currency Ether hit a record high on Monday, a day after Bitcoin first breached $ 34,000 as the increase in cryptocurrencies continues.
Ether hit a high of about $ 1,010, its first drop to $ 1,000, after a 30% surge on Sunday. Bitcoin retained the bulk of its weekend gains, and on Monday in Tokyo they fell about 1.5% to $ 33,069. achieved $ 20,000 for the first time.
Proponents of Bitcoin argue that it is using gold as a hedge against the weakness of the U.S. dollar and inflation risk, citing evidence of growing interest among institutional investors. Skeptics see the rise of more than 300% of digital assets over the past year as a risky bubble fueled by investors chasing the momentum in cryptocurrency prices.
“The drivers of the crypto protest are stepping up, if at all, amid still low interest rates, political uncertainty” and the prospect of more stimulus by the government, said Julian Emanuel, chief equity and derivatives strategist at BTIG LLC. said an email. But he added that volatility can work as well as the downside, as well as upside down.