Early Tuesday, the two most popular cryptocurrencies in the world -- bitcoin and ether -- registered fresh all-time highs.
At one point, the price of Bitcoin (BTC) soared past $67,700, breaking a previous high established in late October, while ether (ETH), the native unit of the Ethereum blockchain, topped $4,800 for the first time.
The Bitcoin market has been rather optimistic recently. Despite the fact that CoinMarketCap lists over 13,000 cryptocurrencies, Bitcoin remains the most popular digital currency.
Despite persistent criticism from JPMorgan Chase Chief Executive Officer Jamie Dimon, who has called the cryptocurrency "worthless," other investors have predicted even greater increases for Bitcoin.
These new highs are part of a larger rally in the broader cryptocurrency market. Solana and Cardano, the so-called "ethereum killers," are up 23% and 9% in the previous seven days, respectively.
On Monday, the ProShares Bitcoin Strategy ETF, which debuted in October and follows bitcoin futures contracts related to the cryptocurrency's future price, was up more than 8%.
Based on CoinGecko data, Bitcoin's gain of about $7,000 on the day reflected a broader bull trend across the cryptocurrency market, which is currently valued at over $3 trillion in the face of a broad-based crypto ascent.
CoinShares data released Monday shows bitcoin inflows totaled $95 million last week, signifying the biggest inflows of all digital assets, while inflows throughout an eight-week bull run for the cryptocurrency were $2.8 billion.
CoinShares data as of Nov. 6 also shows institutional investors pouring in $174 million into cryptocurrency products and funds, marking the 12th consecutive week of inflows.
Mikkel Morch, managing director of crypto hedge firm ARK36, wrote on Monday that a $70,000 price for bitcoin "now seems imminent."
Others are more optimistic about bitcoin's future, with JPMorgan recently reiterating its estimate that it will eventually reach $146,000, with a shorter-term price goal of $73,000 for this year.
Last week, $31 million was invested in Ethereum-related goods and funds. Despite the fact that Ethereum's market share has dropped in recent months as bitcoin's dominance has grown, a recent combination of robust inflow and favorable price performance has pushed its assets under management to a new high of $20 billion.
