Ether jumps, Bitcoin holds near record in crypto rally

0:00
play article
Subscribers can listen to this article
Photo: Getty Images
Photo: Getty Images

Bitcoin held near a record a day after breaching $34,000 for the first time while Ether, another digital currency, also surged as the crypto rally continues.

Ether climbed as much as 22% to about $1,163 following a 30% advance on Sunday. Bitcoin held onto most of its weekend gains, dipping about 1.6% to $33,060 as of 6:53 a.m. on Monday in London, according to a composite of prices compiled by Bloomberg

"What we’re seeing is the standard moving of the crypto markets from Bitcoin to the Altcoin market led by Ether," said Vijay Ayyar, head of business development with crypto exchange Luno in Singapore.

"This rotation happens usually when Bitcoin has a large rally and investors rotate profits" into other digital coins, he said.

Bitcoin eclipsed its 2017 high late last year and only hit $20,000 for the first time in the middle of December. Proponents of the world’s largest cryptocurrency argue that it’s muscling in on gold as a hedge against U.S. dollar weakness and inflation risk, citing evidence of growing interest among institutional investors. Skeptics view the digital asset’s more than 300% surge over the past year as a risky bubble fueled by investors chasing the momentum in cryptocurrency prices.

“The drivers of the crypto rally, if anything, are strengthening amid still low interest rates, political uncertainty” and the prospect of more government stimulus, Julian Emanuel, chief equity and derivatives strategist at BTIG LLC, said in an email.

But he added that volatility can work both to the upside “as well as to the downside.”

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
ZAR/USD
15.09
(-0.44)
ZAR/GBP
20.76
(-0.44)
ZAR/EUR
18.35
(-0.34)
ZAR/AUD
11.68
(-0.24)
ZAR/JPY
0.15
(-0.34)
Gold
1848.41
(-0.12)
Silver
25.36
(-0.20)
Platinum
1089.50
(-0.50)
Brent Crude
55.81
(-0.07)
Palladium
2315.00
(+0.19)
All Share
63831.05
(-0.14)
Top 40
58658.04
(-0.11)
Financial 15
11753.05
(+0.12)
Industrial 25
87034.62
(+0.15)
Resource 10
61540.96
(-0.60)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Please select an option Oops! Something went wrong, please try again later.
Results
Yes, and I've gotten it.
21% - 748 votes
No, I did not.
52% - 1864 votes
My landlord refused
28% - 996 votes
Vote