Bitcoin and ether scale new highs in crypto rally, propelling Cardano, Litecoin

Bitcoin (NYSEARCA:BTC) rises to a new all-time high overnight, breaking $68K, and ether (ETH-USD) rises to a record $4.83K extending a cryptocurrency rally that some attribute to investors looking to hedge against inflation. The world's largest crypto by market cap touched a high of $68.5K, according to CoinMarketCap. At its recent price of $68.0K, bitcoin (BTC-USD) now has a market cap of $1.284T; ether's (ETH-USD) market cap comes to $569B. Alt coins Cardano (ADA-USD) and Litecoin (LTC-USD) make impressive gains as well, with Cardano jumping 14% and Litcoin surging 23%. Glassnode, in a note dated Nov. 8, observes that as exchange balances continue to fall, miner hashrate and U.S. dollar revenue are reaching new highs. "This combination of strong supply dynamics, mining network recovery, and relatively low network activity points to a fairly constructive outlook for Bitcoin over the coming weeks," according to the note. In premarket trading, Riot Blockchain