Bitcoin price ROCKETS close to all-time high as crypto market rallies
Bitcoin fraud: Victim discusses ‘warning bells’
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Monday saw most cryptocurrencies rally to monthly-highs, as Ethereum reached its all-time highest price of £3,521.26. Experts have suggested the crypto could overtake Bitcoin, however it has also rallied close to its highest-ever price on Monday.
As of publication on November 8, Bitcoin was valued at £48,705.98.
It marked a near nine percent increase on Sunday’s valuation of £45,824.31 for the digital coin.
On October 21, the digital coin rose to an all-time high value of £49,548.04.
Meanwhile, Ethereum rose by 4.5 percent over 24 hours, according to Coindesk.
Cryptocurrency tracking website CoinMarketCap said the whole market was up 4.7 percent on Monday, after a 15 percent increase in trading volumes.
Dogecoin was up 13 percent on Monday morning, with the coin’s market now worth £28,176,734.
However, Solana and Shiba Inu coins posted losses on Monday.
Shiba Inu has seen a record five week winning trend, but IntoTheBlock said on Sunday: “Last time this pattern emerged in Shiba Inu in May, SHIB dropped by 90 percent.”
It comes as Rahul Rai, co-head of Market Neutral at BlockTower Capital, suggested Ethereum could overtake Bitcoin in the next six months.
The 24-year-old told Insider: “I definitely think there’s a really good chance for ether to surpass bitcoin.
“I wouldn’t be surprised if it happened within the cycle.
“Very tough to predict when this cycle will end. My take is mid-next year.”
However, Mikkel Morch, executive director at crypto hedge fund ARK36, said a $70,000 (£51,652.65) price for Bitcoin now “seems imminent”.
He told CNBC: “Importantly, the uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity.”
Bitcoin is currently the number one crypto with a market capitalisation of over $1 trillion (£737.785 billion).
Ethereum is in second place with a market cap of $535 billion (£394,714,975,000).
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