Analysts attribute the surge of both bitcoin and ether to supply squeezes
The total cryptocurrency market topped $3 trillion Monday, for the first time, according to data from CoinGecko. Market capitalization of the crypto market has gained more than 280% since the start of this year.
That rally for crypto has been at least partly fueled by a run-up in Ethereum, which climbed to a record high Monday, trading near $4,800. Meanwhile, bitcoin gained about 5.9% over the past 24 hours, recently peaking at $68,494 a new record high.