On Thursday, Bitcoin extended its gains from Wednesday, as widespread confidence about digital currencies sparked by the token’s rise helped lift the whole value of digital currencies to an all-time high.

One bitcoin previously traded at $65,701.33 (USD), up 2.92 percent from its previous high of over $67,000, hit Wednesday’s trading day. It has already surpassed the previous high of $64,895 set this summer. The digital currency dropped by half throughout the summer months, reaching $32,000 in July, but gradually rebounded.

Other digital currencies have benefited from Bitcoin’s increases, including Ether, XRP, Cardano, Polkadot, Stellar, Tezos, and Binance Coin, which are all near their breakthroughs, as per a research published Wednesday by cryptocurrency analysts at Fundstrat.

As per CoinGecko, Ether, the second-largest cryptocurrency behind bitcoin, was up more than 11% on Thursday, putting it within striking distance of its all-time high of over $4,400 set in May.

The total market capitalization of cryptocurrencies has surpassed $2.7 trillion.

ANALYSIS] Will cryptocurrency market undergo major shakeup?

After introducing the first bitcoin futures-linked exchange-traded fund in the United States, the quick rise of digital currencies demonstrates how wagers on cryptocurrencies are extending beyond bitcoin amid excitement about greater popular acceptance of digital assets.

The Information reported on Wednesday that tech billionaire investor Peter Thiel believes the United States’ political system is unsustainable and that the growing price of decentralized bitcoin confirms that argument.

“I don’t know that you should put all your money into bitcoin at $60,000 a bitcoin right now,” Thiel stated in a meeting of the Federalist Society.

“But surely the fact that it is at $60,000 is an extremely hopeful sign,” he added. “It’s the canary in the coal mine. It’s the most honest market we have in the country, and it’s telling us that this decrepit … regime is just about to blow up.”

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