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Today’s Cryptocurrency Headline
According to CoinGecko, the total value of the global cryptocurrency market has surpassed $3 trillion so far, tripling that of early January, when it first topped $1 trillion, and continuing to reach an all-time high. Bitcoin accounted for 41.5% of that total. Ethereum accounted for 18.7%. The total value of the global cryptocurrency market topped $1 trillion in January, when Bitcoin accounted for 67 percent.
Bingbon’s Bitcoin Chart
Source: TradingView& Bingbon
Bitcoin and Ethereum hit record highs on Tuesday as enthusiasm for wider adoption of cryptocurrencies and inflation concerns underpinned the asset class. BTC price traded as high as $67,803. ETH price hit $4,825 and both assets are entering a rising channel.
Bitcoin inflows totaled $95 million last week, making it the largest of any digital asset, according to CoinShares. During Bitcoin’s eight-week bull run, inflows totaled $2.8 billion. Data through November 5 showed inflows of $174 million into overall cryptocurrency products and funds, the 12th consecutive week of inflows from institutional investors.