While bitcoin failed at breaching $63,000, ETH went on to register a second consecutive all-time high at over $4,450.
After another day of enhanced volatility, bitcoin touched $63,000 but has retraced with a few thousand dollars since. Ethereum marked another all-time high above $4,400 before correcting as well, while Binance Coin has surged to north of $500.
ETH’s Latest ATH: BNB Up 8%
Ever since BTC tapped its new all-time high last week at $67,000, all eyes in the cryptocurrency community were on the second-largest digital asset whether it could do the same. And it took ETH more than a week, but it finally did it, as reported yesterday.
However, Ethereum wasn’t done at $4,400 and initiated another leg up hours later. This time, the asset went as high as $4,460 (on Bitstamp), which is the newest price record. As of now, though, ETH has slid slightly, but it’s still above $4,300.
Binance Coin is the most significant gainer from the larger-cap altcoins in the past 24 hours. BNB is up by 8% and has surged above $530 for the first time in months.
Minor gains are evident from Ripple, Polkadot, and Terra, while Solana, Dogecoin, Avalanche, and Chainlink are slightly in the red.
The top 100 coins, though, have a new representative, and it comes from the meme coin mania. Dogelon Mars has skyrocketed by 175% in a day and 360% in a week to $0.00000223.
Decentraland (32%), BitTorrent (13%), THORChain (13%), and Tron (10%) have also marked substantial price increases.
The cryptocurrency market capitalization is up by $40 billion since yesterday and is well above $2.6 trillion.
Bitcoin Failed at $63K
The primary cryptocurrency also initiated a leg up in the past 24 hours. After yesterday’s sudden massive price drop to a two-week low of $56,500, bitcoin had recovered and traded above $60,000 for several hours.
It went on the offensive with most of the market and added roughly $2,000. As such, it tapped $63,000 for the first time in several days.
However, it failed to continue upwards. The bears came back to play and pushed it south gradually. As of now, BTC stands at $61,500, but its market capitalization is north of $1.150 trillion.
Bitcoin and Ethereum Price Predictions for 2022
The past year has been another great year for the cryptoasset market, with bitcoin (BTC) having almost doubled in price year-to-date, and the total crypto market capitalization increasing from just over USD 750bn to almost USD 3trn.
For bitcoin’s part, the price gains this year were fueled by major developments like El Salvador becoming the first country to make the cryptocurrency legal tender, and electric car maker Tesla becoming the biggest company so far to add bitcoin to its balance sheet.
Similarly, ethereum (ETH) also saw major bullish developments this year, with the implementation of the EIP-1559 upgrade which for the first time introduced a supply-reducing token burn mechanism, arguably being the most important one.
And while 2021 was a great year, 2022 may turn out even better for the crypto market, according to some analysts Cryptonews.com has talked to. However, as usual, opinions vary wildly.
To give an idea about what to expect for 2022, we reached out to a number of crypto industry players to hear their price predictions for BTC and ETH in 2022.
(At the time of writing, BTC trades at around USD 56,250 and is down 11% in a month, trimming its gains over the past 12 months to less than 193%. ETH fluctuates around USD 4,500 and is down by almost 2% in a month. It rallied by 656% in a year.)
Bitcoin price predictions for 2022
Although the past year by no means has been smooth sailing for bitcoin holders, with both sharp rallies and deep corrections seen during the year, all of the commenters were optimistic about its price for the next year.
“My prediction is that it will continue to be volatile, however the long-term trend will point upwards and it is going to more than double in terms of total market cap per annum on average,” Kjetil Hove Pettersen, CEO of Norwegian Bitcoin miner Kryptovault, said, adding:
“I expect a sharp increase short-term, in 2022 we may see 140k USD or higher.”
However, Pettersen also stressed that it is “impossible to predict with any accuracy” where the price might go, and that technical analysis will not necessarily work when external factors come into play.
“[…] there are so many factors and external influences in play which makes it difficult to apply traditional [technical analysis] or historical comparisons,” the Bitcoin miner said.
Meanwhile, Bernardo Schucman, Senior Vice President of Bitcoin miner CleanSpark’s Digital Currency Division, was also optimistic about the number one cryptocurrency over the next year.
“I believe in 250K USD per BTC at the end of 2022 based on the huge number of Bitcoin mining companies that were founded in the United States in 2021,” Schucman predicted.
He added that these new miners are not only increasing the hashrate, or the computational power of the Bitcoin network, but that they are also “strong holders of the asset.”
“The last, but very important, key factor to maximize the BTC price increase will be bigger adoption of the use of the BTC wallets implemented in social media, such as Twitter,” Schucman further said, noting that Bitcoin’s Lightning Network will offer “a great push for BTC mass adoption.”
Most bullish among the experts we talked to about the next year was Julian Liniger, CEO of Switzerland-based bitcoin broker Relai, who said we may be about to see BTC adoption taken to a whole new level in 2022.
“Individuals, companies and now even countries start to adopt bitcoin more and more and inflation of fiat currencies is on the rise,” Liniger told Cryptonews.com. He added that the daily price swings in bitcoin “went from hundreds to thousands to tens of thousands, and will end up in the hundreds of thousands of USD in 2022.”
And if Relai’a CEO is right, the next year is looking extremely bullish for the number one cryptocurrency:
“I think 2022 will be the year bitcoin reaches 500K USD,” Liniger estimated.
Others were also optimistic about the next year, although less so than the Relai CEO’s extremely bullish call.
As predicted by the popular independent bitcoin on-chain and technical analyst Matthew Hyland in early November, bitcoin could hit USD 250,000 as soon as in January 2022, although this would require a large and rapid increase from where the cryptocurrency stands now.
Hyland justified his lofty price target by saying that we have not yet seen euphoria like we saw in 2017 in the current market cycle, explaining that this should be seen in “the final part of a bubble.”
“I predict euphoria will begin when bitcoin breaks USD 100,000,” Hyland wrote on Twitter just before the market began correcting lower in late November.
Lastly, Simon Peters, a crypto analyst at the forex and crypto trading platform eToro, did not provide a firm price target, but said the bitcoin price generally revolves around the block reward halving every four years.
“We saw a bull market in 2013, 2017 and we’re seeing it now in 2021. However, where we saw parabolic price increases towards the latter end of the 2013 and 2017 bull markets, we haven’t yet seen it this year, which suggests there could be further price increases to come before we reach the ultimate top,” the analyst said.
Ethereum price predictions for 2022
Like bitcoin, ethereum has also seen its fair share of bullishness in 2021.
However, the second-most valuable cryptoasset is known to be more volatile than bitcoin, and according to some of the analysts we spoke with, it is also more difficult to predict. As such, fewer commenters were willing to give firm price targets on ETH.
“I dare not speculate” where the price of ethereum is going in 2022, Kryptovault’s Kjetil Hove Pettersen said, while also emphasizing that it will likely be “even more volatile than bitcoin.”
“It is possible that it will outperform bitcoin, but there is also a lot more risk associated with it, just like with every altcoin,” Kryptovault’s CEO said.
On a similar note, eToro’s crypto analyst Simon Peters said that ETH could see higher prices due to a combination of increased demand and less supply, although he was not willing to offer a firm target.
Demand from both institutions and retail investors looking for alternative investments, combined with a “supply tapering and slowdown of new ETH coming into circulation” due to EIP-1559 could lead to “a potential price increase” for ETH, the analyst said.
He added that more of the existing supply of ETH is now locked in staking contracts. This comes in addition to the supply that is already locked up in decentralized finance (DeFi) applications, and a dwindling supply of ETH on exchanges, the analyst explained.
Among those that dared to offer a more specific target was CleanSpark’s Bernardo Schucman, who predicted that growth in DeFi and a general trend towards more tokenization would push the asset to new highs in 2022.
ETH “will move towards 20K USD because of the great number of new DeFi and tokenization projects that are catching on in the ecosystem,” Schucman said.
Lastly, Bloomberg’s Senior Commodity Strategist Mike McGlone also has a rather vague prediction for ETH, saying in a November crypto market report that it “appears on track for USD 5,000, with support around USD 4,000,” albeit with an unspecified timeframe.
The prediction last month follows bullish comments from the analyst in September’s crypto outlook, where he said that ETH is “gaining traction” amid “diminishing supply” and increasing demand.
Ethereum Weekly Forecast December 6 — 10, 2021
Ethereum ETH/USD ends the trading week at 4394 and continues to move as part of the correction and the bullish channel. Moving averages indicate a bullish trend for ETH/USD. Prices went up from the area between the signal lines, which indicates pressure from cryptocurrency buyers and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a price correction and a test of the support level near the 3905 area. Where can we expect a rebound and a continuation of the rise in the rate and value of Ethereum with a potential target above the level of 5255.
Ethereum Weekly Forecast December 6 — 10, 2021
An additional signal in favor of raising the ETH/USD quotes in the current trading week on December 6 — 10, 2021 will be a test of the trend line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the “Triangle” pattern. Cancellation of the growth option for the cryptocurrency value in the current trading week will be a fall and a breakdown of the level of 3205. This will indicate a breakdown of the support area and a continued fall in ETH/USD quotes with a potential target below the level of 2605. Confirmation of the rise in the Ethereum cryptocurrency will be a breakdown of the resistance area and closing of quotes above the level of 4755.
Ethereum Weekly Forecast December 6 — 10, 2021 assumes an attempt to reduce and test the support area near the level of 3905. Where can we expect a rebound and continued growth of the cryptocurrency to the area above the level of 5255. An additional signal in favor of the rise in the Ethereum rate will be a test of the trend line on the indicator relative strength. Cancellation of the growth option will be a fall and a breakdown of the area of 3205. In this case, we should expect a continuation of the decline with a target below the area of 2605.
ETH, BUSD, and MANA Market Activity Dominates Crypto Space
- Top 10 crypto assets with a solid performance in the market.
- Altcoins surge market positions.
The crypto world is now back on its feet and shows no sign of slowing down. In fact, many altcoins are currently surging their position right now in the market. The performance of these crypto-assets contributes a lot to the recent uptrend position of the space.
These made LunarCrush Social Intelligence for Crypto, an organization that gathers crypto information, react in a tweet post:
Real-time Top 10 Coins by AltRank™ with leading social + market activity.$eth #ethereum$dexe #dexe$luna #terramoney $any #anyswap$usdt #tether$mana #decentraland$sfund #seedifyfund$req #requestnetwork$busd #binanceusd$mx #mxtokenhttps://t.co/wjRPiDJS9g pic.twitter.com/XQLOKLLW46— LunarCrush 🪐 Social Intelligence for Crypto (@LunarCRUSH) December 4, 2021
In the tweet post, LunarCrush Social Intelligence for Crypto provides the top 10 crypto assets that are doing a solid performance in the market. This solid performance includes the social and market activity of the virtual assets. The cryptos that are listed in the top ten list include Ethereum, Decentraland, and Binance USD, to name a few.
In terms of the latest trend in the crypto industry, the metaverse remains to be one of the most talked-about topics. Decentraland is one of the crypto assets that integrated its blockchain with metaverse technology. Through this, the activity in the Decentraland network keeps increasing along with the mass adoption of its tokens.
On the other hand, the king of crypto assets, Bitcoin, remains the favorite crypto of investors worldwide. As a result, Bitcoin keeps its position as the number one crypto in the market, with a huge market cap of almost $1 trillion.