It’s a big day in crypto when the two biggest cryptocurrencies reach new all time highs. On Tuesday, 9 November both Bitcoin and Ethereum topped the charts and almost drove the entire market value over the milestone $3 trillion mark. Since the beginning of the bullish October, the entire crypto market has accumulated over $1 trillion in value.
Bitcoin Soars Past $68K
Surpassing the previous high of $67,700, the Bitcoin price reached a new record high of $68,530.34. While it’s hard to pinpoint a specific event in this case, the Bitcoin ETF announcement that came in October is believed to be part of the recipe for success.
Big names in the industry are sharing the bullish sentiment, with JPMorgan saying the price will hit $73,000 this year, eventually reaching $146,000 and ARK36 executive director, Mikkel Morch, has confirmed what many investors are collectively thinking as he stated that Bitcoin reaching $70,000 now “seems imminent”.
This bull run also precedes a highly anticipated upgrade to the Bitcoin network, the biggest one in four years. The upgrade is called Taproot and provides greater efficiency and privacy when it comes to transactions as well as unlocking the possibility of smart contract functionality. In a rare occurrence, the upgrade received universal support across miners on the network.
Ethereum Reaches $4.8K
Meanwhile, on the Ethereum network, the price surpassed previous records as it topped over $4.8K for the first time, reaching $4,837.59 on the same day.
After launching the network upgrade Altair in October, the network has been on an uptrend as it moves towards its end goal of transitioning to a proof-of-stake network. The upgrade was fairly unnoticeable to traders as it predominately affected the validators on the network. This bull run witnessed Ethereum burn more tokens than issued, a first for the network in its transition.
After breaking the $4,000 threshold in May 2021, the ETH price dipped to lows of $1,787 in July before boarding a steady incline in late October. The bull run has continued on an upward trajectory since then (at the time of writing).
Despite the increasing ETH price, trading volume for the cryptocurrency has seen several drops across exchanges as investors and developers explore alternative options. Often referred to as “Ethereum killers”, a number of platforms have also seen a price increase over the last week with Cardano and Solana up 9% and 23% respectively.
Crypto Continues To Grow
In just one year Bitcoin has increased in value by 300% and Ethereum by 900%. While many believe investors are using crypto as a hedge fund against rising inflation rates, it confirms the notion that cryptocurrencies have well and truly positioned themselves in the global financial landscape. If you’d like to become a part of this paradigm world shift, consider building your portfolio with Oobit, with access to a wide range of cryptocurrencies, secure storage solutions and convenient banking options, the platform caters to beginners and seasoned traders alike.