Bitcoin And Ethereum Close to Historical Peaks

The largest cryptocurrency by market value, Bitcoin, has surpassed the 54 levels during early trading from Tuesday’s session.

While Ethereum, the second-largest cryptocurrency by market value, managed to record a remarkable performance after surpassing $1800 levels.

The sharp rise in the prices of Bitcoin and Ethereum came after the two currencies received remarkable stimulation by institutions and large investors during the past few hours, coinciding with the lackluster performance that gold has been experiencing recently, amid

Fears of rising inflation after the US stimulus package.

Investors view Bitcoin as a hedge against inflation and an alternative to the depreciation of gold.

JPMorgan said earlier that the performance of cryptocurrencies showed an outperformance compared to the performance of the equity, gold, commodity, and bond markets this year.

The Bitcoin currency broke the levels of $54,000 before it shrank partially from its rise to reach levels of $53.6 thousand, an increase of 7%.

While it was its highest level during trading today, Tuesday, at a price of 54.366 thousand dollars.