Hedge Funds

Cryptocurrency hedge funds top 100 for first time

Bitcoins are seen in this illustration picture taken September 27, 2017. REUTERS/Dado Ruvic/Illustration

LONDON (Reuters) - Hedge funds that trade cryptocurrencies reached over 100 for the first time, according to new data from fintech research house Autonomous NEXT, of which more than three-quarters launched in 2017.

A rise from 55 funds at Aug. 29 to 110 funds at Oct. 18 comes as investors pile into the high-performing cryptocurrency market, which has seen a tenfold increase in its value so far this year. A booming Bitcoin rallied to record highs above $5,000 in recent days BTC=BTSP.

Of the 110 funds, 84 were launched in 2017, 11 in 2016 and the remainder previously, according to the data.

Assets across the 110 funds rose to $2.2 billion.

Reporting by Maiya Keidan and Jemima Kelly; Editing by Adrian Croft