From a dodgy digital currency inspired by Netflix hit “Squid Game” to highly-volatile dog-themed coins, the cryptocurrency sector has become riskier than ever as it soars in value.
The combined value of all cryptocurrencies topped $3 trillion for the first time on Monday, as more mainstream investors rush into the sector.
While bitcoin is leading the way — surging Tuesday to a record-high $68,513 as the world’s most popular virtual unit rides a wave of feverish speculative demand — investors snapping up newer cryptocurrencies are falling victim to scams.
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Bitcoin and Ether hit all-time highs amid a broad rally in financial assets that some analysts attributed partly to the search for a hedge against inflation.
Bitcoin, the world’s largest digital token, jumped as much as 3.6% to $68,513, while Ether posted a more modest advance to about $4,840. The total value of digital tokens tracked by CoinGecko reached some $3.1 trillion.