Crypto Hits Record Highs Over Weaker Dollar

Bitcoin and Ether are on a multi-day kick.

Bitcoin and Ether are on a multi-day kick.

The value of the US dollar is currently down slightly compared to other major global currencies such as Japanese yen or British pounds. While this isn’t the best news for the dollar itself, it is very good news for cryptocurrency that operates adjacent to the dollar. Specifically, Bitcoin and Ethereum. Both cryptos have been on a multi-day rally, hitting record highs as of today. Ether hit a $4,800 valuation, while Bitcoin reached an impressive $68,500 valuation.

“​​Both digital Dutch tulips, bitcoin and ether, have hit record highs this morning as the street continues to buy on a positive technical picture (and) a lower dollar,” Jeffrey Halley, a senior analyst at research and trading firm OANDA, told clients in a note.

These rallies have been attracting more and more investors into the crypto scene. Crypto trading platform Coinbase landed the top spot as the most downloaded app in the United States last week.

“The positive performance of the digital currency is fueled primarily by an organic buy-up from both retail and institutional investors,” said Vasja Zupan, president of bu Dhabi exchange Matrix Exchange.

“Bitcoin has robust fundamentals that will not only help maintain its current uptrend, but place it on a trajectory to reach new price peaks several times over by year-end,” Zupan added.

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