Bitcoin’s price spiked above its previous record high of $67,700 seen in late October on Tuesday morning in a continued surge of support for the world’s most popular cryptocurrency.
The price hike of Bitcoin, along with Ethereum, represents another wave of support for major cryptocurrencies as investors and crypto fans hope to usher the coin to a landmark $100,000 in value for 2022.
In the last 24 hours, Bitcoin peaked at a new record high price of $68,568.85 according to Coinbase.
And while the cryptocurrency has since dipped slightly on Tuesday afternoon, it is still up by a whopping 350% on Bitcoin’s price at 7 November 2020 after nearing the new $70,000 threshold.
Here is Bitcoin’s price today, why Bitcoin is up and the latest crypto news and prices for Ethereum, Shiba Inu coin, Dogecoin, XRP and more.
How much is Bitcoin worth today?
On Tuesday 9 November, Bitcoin’s price was trading up by roughly 11.5% on the last week after soaring to a new record price of over $68,000 on Tuesday morning.
The cryptocurrency’s price began to surge on Sunday night (7 November) as investors pumped the price from $62,319.98 at 8pm to $66,101.46 by 10am on Monday morning.
Bitcoin’s surge continued overnight on Monday as the cryptocurrency soared to $68,568.85 in value in the early hours of Tuesday morning, according to Coinbase.
While its price had fallen slightly from a 24 hour high of $68,525 on Tuesday morning to $67,983.80 as of 2.10pm, Bitcoin’s price hike still represents a year-on-year increase of more than 300% on last November’s value.
It comes after the cryptocurrency dipped by approximately after surging to $67,700 in late October as traders appeared to pull back in anticipation of another price pump.
At the time of writing, Bitcoin’s value was fluctuating at around $67,921.67, or £50,107 according to Coinbase.
Crypto data aggregation platform, CoinMarketCap, recorded an increase in Bitcoin’s trading volume of almost 21% over the last 24 hours as of 2.25pm, with the cryptocurrency’s trading volume reaching $41,758,072,990.
Why is Bitcoin up today?
Bitcoin’s bullish price rise to near $70,000 in value comes as investors hope to see the $1 trillion market cap remain firmly in place ahead of a volatile trading period.
Despite the flurry of activity and popularity around emerging alt and meme coins like Shiba Inu coin, market analysts have said that fears over rising inflation are seeing traders shore up support in Bitcoin and major cryptocurrencies.
European cryptoplatform Currency.com reported a 93% fall in trading value for SHIB in the week to Monday 8 November and a 85% decrease in the number of Shiba Inu/USD traders on its platform.
Mikhael Karkhalev, financial analyst at currency.com, said: “Growing concerns around inflation and global rate hikes are clearly on investors’ minds.
“While we expect the US Federal Reserve to adopt a soft approach to monetary policy going into 2022, timing a potential hike is not a simple thing.
“Nevertheless, with central banks likely to begin raising rates and tapering its stimulus package, investors are looking for a store of value that is perhaps less susceptible to these changes.
Mr Karkhalev added: “The growth in the capitalisation of the Bitcoin crypto market has also aided confidence.
“With more participants in Bitcoin, there is perhaps less volatility, which is in turn attracting more institutional investors and further promoting the stability of the popular cryptocurrency.”
According to reports on Tuesday 26 October, US regulators are looking for new ways and strategies for banks to hold crypto assets and address their current rise.
This follows the launch of new Bitcoin futures Exchange-Traded Funds (ETFs) in the form of ProShares Bitcoin Strategy ETF, as well as similar moves from Valkyrie and Van Eck.
Bitcoin futures ETFs are designed to allow investors to make trades on futures contracts and away from the usual means of crypto exchanges like Binance, which have come under greater scrutiny from regulators worldwide.
Through crypto ETFs, investors can speculate on the future cost of cryptocurrencies without having to actually hold it themselves.
What are the prices of Ethereum, Shiba Inu and Cardano today?
With cryptocurrencies often moving in tandem with Bitcoin, Ethereum was trading up nearly 11% on the last seven days after hitting a new record high of almost $5,000 on Tuesday morning.
At 6am on Tuesday 9 November, Ethereum reached $4,842.54 according to Coinbase, setting a new record for the popular cryptocurrency synonymous with the rising crypto trend of NFTs.
Ethereum’s previous all time high of $4,379.11 was reached in May’s cryptocurrency boom, but the cryptocurrency is now trading at roughly $4,832 (£3,562.31) as of 2.43pm on Tuesday afternoon.
The hype surrounding popular memecoin Dogecoin had appeared to diminish recently as new altcoins took centre stage.
Shiba Inu coin is trading up at approximately $0.00005580 (£0.00004113) as of 2.45pm today after smashing through multiple record highs in late October.
Dogecoin, meanwhile, was trading up by less than one percent on the last 24 hours at $0.28 (£0.21) on Tuesday afternoon.
Meanwhile, Cardano (ADA) prices are fluctuating around $2.37 (£1.75) in a 16% increase on the last 24 hours, XRP Ripple was up 2.39% at $1.27 (£0.937129) and Solana at $244.80 (£180.39) as of 2.50pm on Tuesday.
When was the last major crypto crash?
In June, the Chinese Government cracked down on considerable crypto mining operations taking place in the Sichuan province and demanded that Chinese banks and payment channels stop supporting decentralised and anonymous crypto transactions.
This saw Bitcoin prices tumble to below $30,000 in a dramatic plummet from its soaring success.
The cryptocurrency has continued to rise and fall as other global administrations and regulators mull legislation to curb increased crypto activity often attributed to laundering and crime.
Following the Chinese state’s move, countries like South Korea also pledged to tackle the rise in money laundering taking place via cryptocurrency, while the Metropolitan Police announced that it had successfully closed in on a huge UK cryptocurrency money-laundering operation.
July saw the Met seize a cryptocurrency operation valued at £180million in the UK’s largest cryptocurrency seizure to date.
In turn, cryptocurrency exchange platforms such as Binance have been feeling the heat across the world as regulators and governments have started to pay close attention to the operations of such platforms in the wake of the global crackdown on crypto.
The result of this saw Bitcoin’s highest prices sliced in half in June, with the coin struggling to break out of the low to mid $30k price range until it received a welcome boost from Tesla founder Elon Musk in his appearance at major Bitcoin conference in July.
The bullish rise and increased confidence in Bitcoin will likely see it remain at prices fluctuating between $60,000 and $70,000 but with increased resistance as it looks toward a $100,000 price prediction in 2022.
