What some say is behind crypto’s record rally to $3 trillion, as bitcoin and ether hit new highs

Crypto

Analysts attribute the surge of both bitcoin and ether to supply squeezes 

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Cryptocurrencies have been on a tear recently.

AFP/Getty Images

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.

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