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ETH rallied above $4,500 to hit a new all-time high and BTC bulls broke the week-long downtrend to pull the price to $64,000.
MARKET UPDATE
Bullish volatility is on the rise and the newfound bullish momentum saw multiple tokens breakout to fresh all-time highs as traders scramble to identify which coin might be the next to embark on a moon mission.
As the price of Bitcoin (BTC) rallied to $64,000, Ether (ETH) reached a new record high at $4,523. The move comes just days after the successful Altair upgrade to the Ethereum network, which was the first update to the Beacon chain, bringing the network closer to the full rollout of Eth2.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $4,283 in the early morning hours on Nov. 2, bulls took control of the price action and lifted the price of Ether to a new all-time high at $4,523.
ETH/USDT 1-day chart. Source: TradingView
If Ether can maintain its current trajectory, it is on course to see its eighth consecutive positive quarter of positive gains, as highlighted by a tweet from Coinbase International.
As shown in the charts, an interesting comparison between the price action for Ether in 2017 and the current price action was spotted by pseudonymous Twitter user ‘itwasntme’.
The landscape of the cryptocurrency ecosystem has changed quite a bit since the 2017 bull market due, in part, to the arrival of a larger cohort of institutional investors with bigger bankrolls to spend, but this is one development to keep an eye on as the market looks to finish out 2021 strong.
Ether's upward trajectory also comes as the number of tokens locked in the Eth2 staking contract surpassed 8 million for the first time, a process that continues to drain the available circulating supply and places positive pressure on the price.
Cumulative Ether sent to the Eth2 staking contract. Source: Coin Metrics
Overall, the consensus outlook for Ether is bullish with numerous analysts calling for a $10,000 token by the end of 2021.
Related: Bitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs
Now that the BTC price has broken out off its week-long downtrend, bulls are clearly looking to recapture the previous all-time high at $67,000.
BTC/USDT 4-hour chart. Source: TradingView
The bullish move in BTC is mostly the result of the traders' confidence in the market strengthening as historical data shows the month of November and December to be high performing periods for Bitcoin price.
The overall cryptocurrency market cap now stands at $2.736 trillion and Bitcoin’s dominance rate is 44.1%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
