Ethereum price hits a new high above $4,500 right as Bitcoin recaptures $64K

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Bullish volatility is on the rise and the newfound bullish momentum noticed a number of tokens breakout to recent all-time highs as merchants scramble to establish which coin may be the subsequent to embark on a moon mission.

As the worth of Bitcoin (BTC) rallied to $64,000, Ether (ETH) reached a brand new report excessive at $4,523. The transfer comes simply days after the profitable Altair upgrade to the Ethereum network, which was the primary replace to the Beacon chain, bringing the community nearer to the complete rollout of Eth2.

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Knowledge from Cointelegraph Markets Pro and TradingView exhibits that after hitting a low of $4,283 within the early morning hours on Nov. 2, bulls took management of the worth motion and lifted the worth of Ether to a brand new all-time excessive at $4,523.

ETH/USDT 1-day chart. Supply: TradingView

If Ether can preserve its present trajectory, it’s heading in the right direction to see its eighth consecutive optimistic quarter of optimistic good points, as highlighted by a tweet from Coinbase Worldwide.

Historical past doesn’t repeat itself, but it surely rhymes

As proven within the charts, an fascinating comparability between the worth motion for Ether in 2017 and the present worth motion was noticed by pseudonymous Twitter person ‘itwasntme’.

The panorama of the cryptocurrency ecosystem has modified fairly a bit for the reason that 2017 bull market due, partially, to the arrival of a bigger cohort of institutional buyers with larger bankrolls to spend, however that is one growth to control because the market appears to be like to complete out 2021 robust.

Ether’s upward trajectory additionally comes because the variety of tokens locked within the Eth2 staking contract surpassed 8 million for the primary time, a course of that continues to empty the accessible circulating provide and locations optimistic stress on the worth.

Cumulative Ether despatched to the Eth2 staking contract. Supply: Coin Metrics

Total, the consensus outlook for Ether is bullish with quite a few analysts calling for a $10,000 token by the top of 2021.

Associated: Bitcoin price consolidation ‘could be over,’ says trader as Ethereum, Polkadot hit all-time highs

Bitcoin climbs again above $64,000

Now that the BTC worth has damaged out off its week-long downtrend, bulls are clearly seeking to recapture the earlier all-time excessive at $67,000.

BTC/USDT 4-hour chart. Supply: TradingView

The bullish transfer in BTC is generally the results of the merchants’ confidence available in the market strengthening as historic knowledge exhibits the month of November and December to be excessive performing intervals for Bitcoin worth.

The general cryptocurrency market cap now stands at $2.736 trillion and Bitcoin’s dominance price is 44.1%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a choice.