Bullish volatility is on the rise and the recently discovered bullish momentum has seen several coins break to all-time highs as traders struggle to see which coin might be next to embark on a lunar mission.
As the price of Bitcoin (BTC) surged to $64,000, Ether (ETH) reached a new all-time high of $4,523. The move comes just days after Altair successfully upgraded to the Ethereum network, which was the first upgrade to Beacon. , and bring the network closer to rolling out Eth2 entirely.
Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $4,283 in the early morning hours of November 2, bulls dominated the price action and pushed Ether price to a new all-time high of $4,523.
ETH/USDT 1-day chart. Source: TradingView
If Ether can maintain its current trajectory, it will receive an eighth consecutive quarter of positive results, as evidenced by a Coinbase International tweet.
History doesn’t repeat itself, it rhymes
As shown in the charts, an interesting comparison between Ether price action in 2017 and current price action was seen by the Twitter username “itwasntme.”
The cryptocurrency ecosystem has changed slightly since the bull market in 2017, in part due to the arrival of a larger group of institutional investors with more funds to use, but this is one of the events to watch out for as the market develops. Looks like a strong end to 2021.
Ether’s upward trajectory is also visible in the number of tokens locked into Eth2 betting contracts that crossed 8 million for the first time, a process that continues to drain the available circulating supply and put positive pressure on the price.
The accumulated Ether is sent to the Eth2 betting contract. Source: Currency Metrics
Overall, the consensus forecast for Ether is bullish, with a number of analysts claiming the token worth $10,000 by the end of 2021.
On the topic: Bitcoin price consolidation may be “over”, says a trader like Ethereum, Polkadot has reached record levels.
Bitcoin Rises Above $64,000 Again
Now that BTC price has broken the weekly downtrend, it is clear that the bulls are looking to regain the previous high of $67,000.
4 hour BTC/USDT chart. Source: TradingView
The bullish development of BTC is mainly due to the boosting of traders’ confidence in the market, as historical data shows that November and December are periods of high performance for Bitcoin price.
The total cryptocurrency market capitalization is now at $2.736 trillion, with Bitcoin dominance at 44.1%.