The markets have been in bull mode since the beginning of the October, with the crypto market in total adding nearly $1 trillion to its total value in just a month.
As CoinDesk reported, bitcoin is widely perceived by many investors as a store-of-value asset like gold, making the crypto a haven as worries about inflation increase.
Ether, the second-largest cryptocurrency by market capitalization, also set an all-time high, hitting $4,823.95, according to CoinDesk data.
Ether’s surge came as reports show that the Ethereum network burned more ether than it issued for at least a week, after Ethereum’s London hard fork upgrade introduced a mechanism to burn a large portion of transaction fees, measured in ether, instead of sending them to miners.
“The recent fervor has again generated high transaction fees on the Ethereum blockchain, making alternate networks that solve for scalability concerns more attractive,” Kaiko wrote in its newsletter on Nov.
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