Cryptocurrencies started the week off on a solid footing, with Ethereum vaulting on Nov. 8 to a new record high and Bitcoin trading close to its all-time high, ahead of a closely-watched inflation data release later in the week. Ethereum was trading at $4,730.38 on Coinbase at 7:31 a.m. New York time, after a sharp 4 percent rally over the past 24 hours saw it briefly touch $4,753. Bitcoin was trading at $65,843 on Coinbase at 7:31 a.m. New York time, with a 7 percent bounce over the past day pushing the benchmark cryptocurrency as high as $66,264, not far off a record high of $66,900 set in late October. Bitcoin is the world’s biggest cryptocurrency by market capitalization, with Ethereum in second spot. While it is unclear what’s fueling the rally in crypto, which routinely experiences sharp price swings, analysts at Coinbase say inflation is a key factor. “The …