Ethereum and Bitcoin witness renewed all-time highs in the dusk of 8th November 2021 (Monday) evening.
Ethereum and Bitcoin reach new all-time highs
Bitcoin’s value surged beyond USD 67,700 – breaking the resistance set in late October – whilst Ethereum jumped beyond the USD 4,800 threshold for the foremost time.
These record-wrecking candle moves arrive amidst a broader rally in the cryptocurrency market. Cardano and Solana (dubbed as ‘Ethereum killers’ multiple times) are up and about 9% and 23% respectively in the past week.
October-launched ProShares Bitcoin Strategy ETF (which tracks bitcoin futures), surged over 8% on Monday.
Whilst it was difficult to connect short-term price fluctuations to any specific endeavour (given the volatile nature of cryptocurrency price charts), some analysts thought that both Ethereum and Bitcoin will be driven by the bulls to an uptrend in the impending weeks.
Executive Director at crypto hedge fund ARK36, Mikkel Morch, stated that a USD 70,000 price for Bitcoin now seems inevitable.
Other investors have intrepid prognoses for where Bitcoin is headed, as JP Morgan recently predicted that Bitcoin would in due course knockout USD 146,000, with a shorter-tenure price goal of USD 73,000 for 2021.
Next week, Bitcoin is set to establish its most significant upgrade in 4 years.
The software advancement is called Taproot. It will facilitate a more enhanced transaction efficiency and privacy – and significantly unlock the probability for intelligent contracts, which is a principal feature of its blockchain technology.
In the interim, Ethereum has been on an upturn since it executed Altair, an advancement to the network that went live in the dusk of October.
Altair was vastly witnessed as a non-event to almost everybody except the individuals who verify transactions on the Ethereum network. However, the upgrade was a crucial step in executing Ethereum 2.0 or Eth2, which has been in the pipeline for several years and will essentially refurbish the network wholly.
Eth2 would have the entire network shift from the energy-concentrated proof-of-work mining structure, wherein miners resolve challenging math equations to fabricate new coins, to proof-of-stake, which necessitates users to influence their existing cache of Ethereum as a resource to verify transactions and mint new-fangled tokens.
Eth2 targets to drive the network to be more scalable, sustainable, and secure. This change will be reformatory not just for Ether, but for the broader cryptocurrency community itself.
