Bullish volatility is rising and multiple tokens rose to new all-time highs, as traders race to determine which coin will be next to go on a mission to the moon.
The price of Bitcoin (BTC), which rose to $64,000, reached an all-time high of $4,523 for Ether (ETH). This move is just days after the successful Altair upgrade of the Ethereum network. It was the first update to Beacon chain. The network is now closer to full Eth2 rollout.
Cointelegraph Markets Pro and TradingView data show that Ether prices hit a low of $4.283 on Nov. 2 and then rose to an all-time high of $4,523.
1-day chart of ETH/USDT Source: TradingView
If Ether maintains its current trajectory, it will see its eighth consecutive quarter of positive gains. This was highlighted by Coinbase International’s tweet.
$ETH is on track for 8 consecutive positive quarters, +47% this Q4 pic.twitter.com/wK4pkBTM4f
— Coinbase Institutional (@CoinbaseInsto) November 2, 2021
History doesn’t repeat itself. But it rhymes.
The charts show that a comparison of Ether’s price in 2017 and current Ether prices was made by a pseudonymous Twitter user, ‘itwasntme.
ETH 2017 before bullrun vs ETH 2021$ETH $BTC pic.twitter.com/XgTpFjau2N
Itwasntme (@Itwasntme03 October 21, 2021
The cryptocurrency landscape has changed a lot since 2017’s bull market. This is due in part to the larger number of institutional investors who have bigger bankrolls to invest. However, this is an important development to watch as the market looks to end 2021 strong.
Ether’s upward trend is also due to the fact that the number of tokens in the Eth2 Staking Contract surpassed 8,000,000 for the first-time. This process continues to drain the available supply and puts positive pressure on the price.
Send Cumulative Ether to the Eth2 Staking Contract. Source: Coin Metrics
Overall, Ether’s consensus outlook is positive with many analysts calling for Ether to be worth $10,000 by 2021.
Related: Bitcoin price consolidation “could” be over, says trader, as Ethereum, Polkadot reached all-time highs
Bitcoin rises above $64,000
Bulls now want to reclaim the $67,000 all-time high, after the BTC price has risen from its downtrend for the past week.
Chart for BTC/USDT 4 hours TradingView
BTC’s bullish trend is mainly due to traders’ increased confidence in the market. Historical data shows that November and December are high-performing periods for Bitcoin price.
The total cryptocurrency market is now worth $2.736 trillion. Bitcoin’s dominance rate at 44.1%.
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