Ethereum price hits a new high above $4,500 right as Bitcoin recaptures $64K
The continuing boom of Ethereum’s price has pushed its market cap to nearly $80 billion, making it the second largest cryptocurrency in existence. This latest achievement comes just days after Bitcoin recapture momentum above $64K, pushing both coins into uncharted territory.
The “ethereum starting price” is a cryptocurrency that has seen its value skyrocket over the past few weeks. The currency hit an all-time high of $4,500 right as Bitcoin recaptured $64K.
Bullish volatility is on the increase, and the sudden bullish momentum has seen a number of tokens break out to new all-time highs as traders try to figure out which currency will be the next to go to the moon.
Ether (ETH) hit a new record high of $4,523 as the price of Bitcoin (BTC) rose above $64,000. The move comes only days after the Ethereum network’s successful Altair upgrade, which was the first update to the Beacon chain, bringing the network closer to the complete deployment of Eth2.
After reaching a low of $4,283 in the early morning hours of Nov. 2, according to data from Cointelegraph Markets Pro and TradingView, bulls grabbed control of the market movement and propelled Ether to a new all-time high of $4,523.
One-day chart of ETH/USDT. TradingView is the source of this information.
According to a tweet from Coinbase International, if Ether maintains its present trend, it will have its ninth straight quarter of positive growth.
$ETH is on pace for 8 straight quarters of gains, with a Q4 gain of +47 percent. twitter.com/wK4pkBTM4f
November 2, 2021 — Coinbase Institutional (@CoinbaseInsto)
It is true that history does not repeat itself, but it does rhyme.
The pseudonymous Twitter user ‘itwasntme’ noticed an intriguing similarity between the price behavior for Ether in 2017 and the current price motion, as illustrated in the charts.
Before the bullrun, ETH 2017 vs. ETH 2021$ETH $BTC pic.twitter.com/XgTpFjau2N
October 21, 2021 — itwasntme (@Itwasntme03)
The cryptocurrency ecosystem has altered significantly since the 2017 bull market, owing in part to the emergence of a larger cohort of institutional investors with greater bankrolls to spend, but this is one aspect to watch as the market attempts to finish strong in 2021.
Ether’s increasing trend coincides with the first time that the number of tokens locked in the Eth2 staking contract has topped 8 million, a process that is draining the available circulating supply and putting upward pressure on the price.
Ether transferred in bulk to the Eth2 staking contract. Coin Metrics is the source of this information.
The consensus forecast for Ether is positive, with many experts predicting a $10,000 coin by the end of 2021.
Bitcoin price consolidation ‘may be finished,’ according to a trader, as Ethereum and Polkadot set all-time highs
Bitcoin has reclaimed the $64,000 mark.
Bulls are definitely seeking to reclaim the previous all-time high of $67,000 now that the BTC price has broken out of its week-long decline.
4-hour chart of BTC/USDT. TradingView is the source of this information.
The positive increase in BTC is mostly due to traders’ increasing trust in the market, as historical data suggests that November and December are high-performing months for Bitcoin price.
The total cryptocurrency market capitalization is currently $2.736 trillion, with Bitcoin commanding 44.1 percent of the market.
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