In the early hours of this morning, Bitcoin hit a record high, reaching a maximum of $68,500. Analysts believe that the lack of supply is the main factor behind the peak, as some reports show that in the past 3 months, 85% of the existing supply has been almost idle.
according to Coin TigerTracking the cryptocurrency market, the current total value of all digital currencies is 3.1 billion U.S. dollars (approximately 2.7 billion U.S. dollars). This means that prices have almost quadrupled since the beginning of this year.
The supply of Bitcoin held by the exchange has now hit a record low. Analysts recommend US$75,000 as a new upside target, but if the price falls, the price may fall to a moving average of around US$56,000.
Ethereum also hit a record high today, reaching $4,842. ETH is now close to the very important psychological level of $5,000, which could be a strong resistance. The reason attributed to this strong price trend is also insufficient supply, because Ethereum burns faster than production. The market value of BTC is now higher than that of Facebook and Tesla, and the dominance of BTC is 44%, which is lower than usual.