ETH surged above $4,500 to set a new all-time high, while BTC bulls snapped a week-long decline to pull the price to $64,000.
Bullish volatility is on the surge, and the newfound bullish momentum has caused numerous tokens to break out to new all-time highs as traders try to sort which currency will be the next to go on a moon mission.
As the price of Bitcoin (BTC) surged to $64,000, the price of Ether (ETH) went to a new high of $4,523. The move comes only days after the successful Altair upgrade to the Ethereum network, which was the first update to the Beacon chain, getting the network one step closer to complete Eth2 rollout.
According to data from TradingView, after hitting a low of $4,283 in the early morning hours of Nov. 2, bulls took control of the price action and raised Ether to a new all-time high of $4,523.If Ether continues on its current track, it will have its eighth straight quarter of positive gains, as highlighted by a tweet from Coinbase International.
The cryptocurrency ecosystem has modified significantly since the 2017 bull market, owing in part to the arrival of a larger cohort of institutional investors with greater bankrolls to spend, but this is one aspect to keep an eye on as the market seeks 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 topped 8 million, a process that continues to diminish the available circulating supply and puts upward pressure on the price.
However, the consensus forecast for Ether is bullish, with many analysts predicting a $10,000 token by the end of 2021.
Bulls are certainly looking to reclaim the previous all-time high of $67,000 now that the BTC price has broken out of its week-long decline.
The positive move in BTC is primarily due to traders' increased trust in the market, as historical data suggests that November and December are strong performance periods for Bitcoin price.
The total cryptocurrency market cap is currently $2.736 trillion and Bitcoin’s dominance rate is 44.1%.