• Bitcoin jumped above $21,000, hitting its strongest point since November 5, while Ethereum traded above $1,500 to start the weekend, also hitting its strongest point since November.
• The rally saw bitcoin add as much as 10% to its value in the last 24 hours and Ethereum is now trading over 23% higher in the last seven days.
• The move comes as the 10-day (red) moving average extended a crossover of its 25-day (blue) counterpart.
Crypto markets have been on a bull run over the past week, with Bitcoin and Ethereum hitting new highs. Bitcoin surged above $21,000, reaching its highest level since November 5th. This spike in price saw bitcoin add as much as 10% to its value in the last 24 hours, pushing the total market capitalization of all cryptocurrencies above $740 billion.
Ethereum also hit a two-month high in today’s session, trading above $1,500. This rally sent the world’s second largest cryptocurrency to its highest point since November 5th, with it now trading over 23% higher in the last seven days. The move came as the 10-day (red) moving average extended a crossover of its 25-day (blue) counterpart.
The surge in prices is being driven by increasing demand from institutional investors, with the introduction of exchange traded funds and the introduction of Bitcoin futures contracts on major exchanges. The market has also seen an influx of new investors, with retail traders also looking to capitalize on the ongoing bull market.
Looking ahead, analysts expect the trend of higher prices to continue, with Bitcoin potentially reaching $25,000 in the near future. Ethereum is also expected to climb higher, with some predicting that it could reach $2,000 before the end of 2021.