As Bitcoin regained $64,000, the price of Ethereum hit a new high above $4,500

The bullish volatility is on the rise, and as traders scramble to determine the next token that may begin the mission to the moon, the newly discovered bullish momentum has caused multiple tokens to break through to record highs.

As the price of Bitcoin (Bitcoin) Rose to 64,000 USD, Ether (Ethereum) A record high of US$4,523.This move is a few days after the success Altair upgrades to the Ethereum network, This is the first update of the Beacon chain, bringing the network closer to the full launch of Eth2.

Data from Cointelegraph Markets Pro with Transaction view It shows that after hitting a low of US$4,283 in the early hours of November 2nd, the bulls controlled the price movement and pushed the price of Ether to a record high of US$4,523.

ETH/USDT 1-day chart. Source: TradingView

As highlighted by a tweet from Coinbase International, if Ether can maintain its current development trajectory, it is expected to achieve positive growth for the eighth consecutive quarter.

History will not repeat itself, but it will rhyme

As shown in the figure, the anonymous Twitter user “itwasntme” found an interesting comparison between the price trend of Ether in 2017 and the current price trend.

Since the bull market in 2017, the landscape of the cryptocurrency ecosystem has changed a lot, partly because of the arrival of more institutional investors, who have more funds to spend, but as the market develops, it is worthwhile The development of concern seems to come to a strong end in 2021.

The upward trajectory of Ethereum also appeared when the number of tokens locked in the Eth2 mortgage contract exceeded 8 million for the first time. This process continues to consume the available circulating supply and exert positive pressure on the price.

The accumulated Ether sent to the Eth2 mortgage contract.Source: Coin Indicator

Overall, the consensus outlook for Ethereum is bullish, with many analysts calling for a token of $10,000 by the end of 2021.

related: Traders say that Bitcoin price consolidation “may be over” because Ethereum and Polkadot hit record highs

Bitcoin rebounds above $64,000

Now that the price of BTC has broken through a one-week downtrend, the bulls are clearly hoping to regain the previous all-time high of $67,000.

BTC/USDT 4-hour chart. Source: TradingView

The bullish trend of BTC is mainly the result of traders’ increased confidence in the market, because historical data shows that November and December are periods of high performance for Bitcoin prices.

The overall market value of cryptocurrencies is now $2.736 trillion, and Bitcoin’s dominance rate is 44.1%.

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