Ether Rally Gains Traction to a New High, Bitcoin Lags Behind

Ether Rally Gains Traction to a New High, Bitcoin Lags Behind

Created by TradeOr

3rd Party Analysis 04 Nov 2021

Key Takeaways:

  • Ether’s price surge gains new momentum and peaks above $4,660 per token
  • Bitcoin, meanwhile, takes a breath and trades sideways near $63,000

What’s Today’s News in Crypto?

Ethereum’s native coin, Ether, jumped to a new all-time high on Wednesday. The second-biggest cryptocurrency in the market rallied to a fresh peak of $4,665 per coin. Moreover, Ether logged its third-straight day of gains.

The fresh record high for the coin was fueled by increased buying following the CME plans for Micro Ether futures. Furthermore, market participants piled into Ether on Wednesday, resulting in a 4.8% daily gain.

Over the week, the Ethereum token is up roughly 12%. Longer term, Ether boasts a gain of over 500% since the beginning of the year.

Bitcoin, in comparison, is up 117% for the same period to current market price.

What’s the Price of Bitcoin?

Bitcoin, the original cryptocurrency, is trading at prices around $62,500 to $63,000 per coin early on Thursday. That said, the token experienced a largely uneventful market session yesterday. In more detail, bitcoin’s price hovered mostly near the flatline and ultimately finished lower by less than 1% at $62,700 apiece.

Still, recent streams of positive news around crypto adoption and institutional demand have brought many new players to the market. That said, investment banks, hedge funds, and Wall Street traders are clamoring to join the volatile crypto space.

Furthermore, in signs of growing popularity of bitcoin and cryptos, a Bloomberg report describes a bright outlook for digital assets. The Bloomberg’s Crypto Outlook highlights investors that have no exposure to Bitcoin “risk falling behind and underperforming peers who own crypto assets.”

Also, the paper predicts bitcoin’s price could hit $100,000 by year end. Ether, on the hand, “appears on track for $5,000” by December 31.

How to Buy Crypto?

Against the backdrop of fast-developing digital asset market, have you taken the step toward joining millions of market participants? To do that, simply head over to our Best Cryptocurrencies Guide for 2021. There, you’ll learn all you need to know before making your first crypto investment.