Cryptocurrencies are off to a good start this week.

Ether, the world's second-largest digital currency, rose more than 4% in 24 hours on Monday to a new all-time high of $4,700. According to Coin Metrics statistics, the token was last trading at $4,740.

Bitcoin, meanwhile, rose 7% to $66,250, edging closer to a record high of $66,900 established in late October.

The reason for the relocation was unclear. Cryptocurrencies are notorious for their extreme volatility, with price fluctuations of up to 20% higher or lower being very usual.

A $70,000 price for bitcoin now "seems imminent," according to Mikkel Morch, executive director of crypto hedge fund ARK36.

"Importantly, the increase does not appear to be driven by leverage, but rather by increased demand on the spot market, where there is currently very little sell-side liquidity," Morch wrote in an emailed note on Monday.

DeFi

It comes as interest in DeFi grows, but regulators have recently taken notice, and experts have warned that a crackdown is on the way.

Ethereum also serves as the foundation for several nonfungible tokens, or NFTs, which act as digital receipts for rare commodities such as online art.

This year has witnessed a surge in activity, with one token selling for a record $69 million at Christie's.

Even yet, either has some stiff competition. Rival tokens like as solana and cardano have seen significant price increases this year.

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