Crypto rally lifts Ether to new record, Bitcoin to near 3-week high

Bitcoin rose to a two-and-a-half-week peak on Monday and ether climbed to a fresh record as cryptocurrencies ride higher on a wave of momentum, flows, favourable news and inflation fears.

Bitcoin was last up about 3 per cent at $65,121 and ether , which underpins the ethereum network, sat at a record top of $4,711.

Ether is up 57 per cent since the start of October and bitcoin about 50 per cent as investors have cheered last month’s launch of a US futures-based Bitcoin exchange-traded fund and sought exposure to an asset class sometimes regarded as an inflation hedge.