The digital currency Ether reached a record on Monday a day after Bitcoin breached US$34,000 ($44,818.80) for the first time as the surge in cryptocurrencies continues.

Ether touched a high of about US$1,010, its first foray past US$1,000, following a 30% surge on Sunday. Bitcoin held onto most of its weekend gains, dipping about 1.5% as of 10:40 a.m. on Monday in Tokyo to US$33,069. The largest cryptocurrency eclipsed its 2017 record late last year and only hit US$20,000 for the first time in the middle of December.

Proponents of Bitcoin argue that it’s muscling in on gold as a hedge against US 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.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Related Stories

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook