After facing an ominous collapse from their all-time highs in April, major cryptocurrencies have bounced back to their upwards trend in October. Most of them are even experiencing a 200-300% surge in the past six months. While bitcoin is occupying the headlines for ita back to track moves, ethereum is also slowly and steadily making its crucial moves. In a nutshell, bitcoin & ether are anticipated to reach record prices before the end of 2021.
Both bitcoin & ether are in the middle of their fifth major price surge in 2021. The duo is anticipated to hit a new all-time high before the end of the year. Every time major cryptocurrencies undergo a massive fall, they mostly tend to revive to their original state in the coming months. That is what bitcoin & ether are up to right now. But to everybody’s surprise, analysts suggest that the top cryptocurrencies could climb up the hill with unprecedented prices in the coming days. It is not the first time ethereum and bitcoin prices are following the trend. Bitcoin went on an overhaul to reach US$64,900 on April 2021, before hitting its recent low of US$28,600 in May. Similarly, Etherem was also traded at a record US$4,384.43 on May 2021 before falling to US$1,700 in June. Although these major price surges and plummets represent the volatility of the cryptocurrency market, bitcoin & ether manage to maintain a moderate stance at the end of the day.
Bitcoin on its Way to US$85,000
Despite facing back-to-back hits from China and Elon Musk, bitcoin investors didn’t lose hope. First, the crypto enthusiasts, Musk, shun down Tesla’s door to accept bitcoin payment citing its extreme energy consumption. For a similar reason, China also banned bitcoin mining initially and later, rolled out a complete crypto ban in the country. These moves came as a major blow in the face for bitcoin. Consequently, bitcoin pierce started falling drastically and almost neared a death cross.
Fortunately, the scenario changed since the beginning of September. El Salvador made bitcoin a legal tender in the country, signaling a positive response to befall. Following that, the bitcoin price has jumped more than 90% since a low in July. On a positive note, predictions suggest that the digital token could go up to US$80,000-85,000 in the coming months. Many experts also suggest that bitcoin’s fall was a part of its journey towards the top. This is not the first time such a trend has taken place. Even in the past, before hitting record-high prices, bitcoin experienced a downward trend. Even the all-time highs are not stable. Whenever bitcoin reaches record pricing, it is an indicator that a price fall is up the line.
But what is triggering this surge? Many reasons including market adoption and growth in market capitalization could be the reason for growing bitcoin price. According to a chart created by Economic Times, bitcoin has created a neckline breakout trend that could help the cryptocurrency reach US$79,000. The chart further suggests that bitcoin’s short-term momentum has crossed above the long-term trend already. These are minor heads-up signs that indicate bitcoin’s upcoming record highs.
Ethereum has the Potential to Overtake Bitcoin
When it comes to ethereum network, the crypto platform is well known for hosting thousands of other tokens besides ether, smart contracts, and apps. The recent ethereum price surge came at a time when the platform announced the unleash of Ethereum 2.0, which could reduce energy consumption drastically.
Currently trading at a range of US$3,400 per coin with a market capitalization of US$400 billion, ethereum houses more than 18% of the total crypto market cap. On a short-term analysis, ethereum has no chance of going down. Even if the price falls a bit, the crypto investors will buy a massive number of coins in order to stake up and will bring the value back on track. When it comes to long-term analysis, we should remember that ethereum started 2021 with a price of US$750 per coin and reached all-time high in the same year. The market scenario represents the potential of ethereum in a long run. Besides, many analysts say that ether can overtake bitcoin in the coming years if it maintains its moderate value. With a user-friendly and easy to transact nature, ethereum has everything it needs to be on the top.
SEC Accepting Crypto ETF Could be Another Trigger
The approval of SEC for crypto ETFs is a much-anticipated event in the near future. Analysts say that the green light could signal a major price spike on both bitcoin & ether.
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