Bitcoin hits all-time high above $68,000 as cryptocurrencies extend rally

The value of bitcoin has reached an all-time high of $68,990.90, shattering the record made last month.

On Monday, Bitcoin reached a price of more  than $68,000 for the first time. Its previous record price came last month, clocking in at $67,016.50. The lowest the coinbase has been worth in the last 52 weeks was $15,296.18.

Bitcoin, along with other coinbase stock have been rallying at rates much higher than other kinds of stock. In the past month, Bitcoin has rallied by 23%, with coinbase stock as a whole rallying 38%. In comparison, S&P 500 has rallied 8% during the same period. The second largest coinbase, Ether, also reached a new high this week. Ether, which is by Ethereum, increased 1% over 24 hours, reaching $4814.80. It has rallied around 35% in the last month.

Coinbase Global Inc. reported its Q3 earnings this week. Analysts were expecting earnings to take a dip during Q3, which turned out to be incorrect. The pro-forma earnings per share is seven times higher than it was in Q3 last year. 

Coinbase is only expected to grow, as higher prices tend to lead to more users which, in turn, causes higher prices. The executive director at crypto hedge fund ARK36, Mikkel Morch, wrote that a $70,000 price for bitcoin now “seems imminent.” JPMorgan has reiterated its prediction that bitcoin would eventually reach $146,000, hitting $73,000 this year.