Ethereum surges to all-time high in a crypto rally

• Ether surged more than 4% on Monday hitting an all-time high above $4,700

• Ether is up around 59% since the start of October while bitcoin climbed about 51%

Cryptocurrencies including Ethereum and Bitcoin were on a rally with the start of the week as both the digital coins soared on Monday.

Ether, the world’s second-largest cryptocurrency, surged more than 4% on Monday hitting an all-time high above $4,700. According to Coin Metrics, last time Ether traded at a price of $4,740.

Bitcoin, on the other hand, jumped 7% at $66,250 on Monday, closer to its record-high of $66,900 in October.

Ether is up around 59% since the start of October while bitcoin climbed about 51%. The reason of the surge in not clear, but cryptocurrencies are mostly volatile.

First U.S. bitcoin futures exchange-traded fund

The jump in Bitcoin to its new-all time high of almost $67,000 in October can be linked to the listing of the first U.S. bitcoin futures exchange-traded fund.

It is generally observed that the price of other digital coins often rises with gains in Bitcoin.

Market acceptance

Australia’s biggest bank said in recent weeks that it will offer crypto trading to retail customers, while have also been positive about the digital coins.

Meanwhile, New York Mayor-elect Eric Adams said last week that he would accept his first three paychecks in bitcoin. After Miami’s mayor, he also indicated to make his city the “center of the cryptocurrency industry.”

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