Crypto rally lifts ether to new record, bitcoin to near 3-week high

FILE PHOTO: A representation of the virtual cryptocurrency bitcoin is seen in this picture illustration taken October 19, 2021. REUTERS/Edgar Su

SYDNEY (Reuters) -Bitcoin rallied toward its all-time high on Monday and ether climbed to a fresh record as cryptocurrencies rode a wave of momentum, flows, favourable news and inflation fears.

Bitcoin jumped more than 4% to as high as $66,170, approaching the unprecedented $67,016.50 level reached on Oct. 20, while ether - which underpins the ethereum network - sat at a record top of $4,768.07.