The Ethereum price hits a new high of over USD 4,500 while Bitcoin recovers CZK 64,000
Rising bullish volatility and newly discovered bullish momentum have caused many tokens to break out to all-time highs as traders scramble to determine which coins will be the next coin to embark on a lunar mission.
When the price of Bitcoin (BTC) rose to $ 64,000, Ether (ETH) hit a new record high of $ 4,523. The move comes just days after Altair’s successful upgrade to the Ethereum network, which is the first update to the beacon chain and brings the network closer to a full Eth2 implementation.
Data from Cointelegraph Markets Pro and TradingView show that after hitting a low of $ 4,283 early in the morning of November 2nd, the bulls took control of the price movement, lifting ether to an all-time high of $ 4,523.
Of course, if Ether can maintain its current course, it will see its eighth positive quarter in a row, as a tweet from Coinbase International points out.
– Coinbase organization (@CoinbaseInsto) November 2, 2021
History doesn’t repeat itself, but it rhymes
As can be seen in the graph, an interesting comparison between the price movement of ether in 2017 and the current price movement was discovered by Twitter user “itwasntme”.
– itwasntme (@ Itwasntme03) October 21, 2021
The landscape of the crypto ecosystem has changed quite a bit since the 2017 bull market, partly due to the emergence of a larger pool of institutional investors with larger banking assets that are expected to be high grade to spend in late 2021.
Ether’s upward trend also comes as the number of tokens locked in the Eth2 staking contract exceeds 8 million for the first time, a process that continues to deplete the available circulating supply and exert positive pressure.
Overall, the consensus outlook for Ether is optimistic as many analysts are calling for a $ 10,000 token to be received by the end of 2021.
Related: Bitcoin price consolidation “could end,” the trader says when Ethereum Polkadot hit an all-time high
Bitcoin bounces back over $ 64,000
Now that BTC price has broken out of a week-long downtrend, the bulls are clearly trying to recapture the previous all-time high of $ 67,000.
The upside in BTC is mainly due to the fact that traders’ confidence in the market is consolidating as historical data shows that November and December are highly active periods for Bitcoin price.
The total crypto market cap is $ 2.736 trillion and the dominance of bitcoin is 44.1%.