On November 2, 2021, Ethereum exploded to exceed $4,500 to record a new all-time high, and the Bitcoin bulls broke the 7-day downtrend to flirt with $64,000. Currently, bullish volatility is on the surge and the new-found bullish momentum saw many tokens breakout to reach new all-time highs as the traders scramble to identify what coin might be the next to start on a moon mission.
As the price of Bitcoin reached $64,000, Ether reached a new record high at $4,523. This move comes barely days after the successful Altair upgrade happened on the Ethereum network. That was the first update of the Beacon chain, bringing the network closer to the whole rollout of Eth2.
Data acquired from TradingView shows that after reaching a low of $4,283 in the early morning hours on November 2, 2021, the bulls took control of the market’s price action and lifted the price of ETH to reach a new all-time high at $4,525.
If Ethereum managed to maintain the current trajectory, it might record its eighth consecutive positive quarter dominated by positive gains, as shown by a tweet from Coinbase International.
— Coinbase Institutional (@CoinbaseInsto) November 2, 2021
History May Not Repeat But It Rhymes
As shown in the market charts, there is an interesting comparison between the price action for Ether in 2017 and the current trend as spotted by one pseudonymous Twitter user ‘itwasntme’.
— itwasntme (@Itwasntme03) October 21, 2021
The current landscape of the crypto space has changed a bit since the 2017 bull market as a result of the arrival of bigger groups of institutional investors that have deep pockets. However, this is one development that analysts are keeping an eye on as the market seems to finish out 2021 strong.
Ether’s upside momentum also comes as the number of tokens that are locked in the Eth2 staking contract exceeded 8 million for the first time. This process continues to drain most of the available circulating supply and then keeps placing positive pressure on the price of ETH.
In general, the consensus outlook for Ether is bullish with many analysts now setting the target for the price of Ether at $10,000 by the end of 2021.
Bitcoin Climbs Towards $64,000
Now that the price of bitcoin appears to have broken out of its week-long downtrend, the bulls seem to be looking to recapture the recent all-time high at $67,000.
The bullish movement in Bitcoin is mainly the result of the traders’ confidence in the market growing in strength as historical data proves that the months of November and December are high-performing periods for the price of Bitcoin.
Currently, the general crypto market cap stands at around $2.72 trillion and Bitcoin’s dominance rate is 44.1%.