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Bitcoin Skyrockets Above $66K as Ethereum Tapped New ATH at $4,800 (Market Watch)

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Bitcoin has added more than $4,000 of value in hours and neared its ATH. Ethereum and Avalanche went on to register new records.

Following a few days of consolidation, bitcoin finally made a decisive move and shot up by $4,000. While BTC came inches away from its all-time high at $67,000, ETH actually broke its own at nearly $4,800.

Bitcoin Nears ATH

The primary cryptocurrency was relatively stable in the past few days after it failed to breach $64,500 at the start of the month. The bears took control and gradually pushed the asset south.

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BTC bottomed at $60,000, with the latest such dip coming on Saturday. As reported yesterday, it recovered some ground and consolidated around $62,000.

Since then, though, the situation has changed a lot. Bitcoin registered an impressive leg up and added more than $4,000 of value in just a matter of hours. This culminated ti tapping $66,400 – the highest price line in three weeks.

Moreover, BTC came less than 1% away from its ATH of $67,000. As of now, it has retraced by a few hundred dollars but still stands above $66,000.

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Its market capitalization has risen to $1.250 trillion, and the dominance over the altcoins is up by almost 1% in a day to 43.5%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH and AVAX See New ATHs

While BTC is yet to register a new record, ETH has done so. The second-largest crypto was also stagnant in the past few days, but it followed bitcoin upwards today and marked a new ATH at just shy of $4,800. Despite retracing slightly since then, ETH is still 4.5% up on the day.

Solana, Polkadot, and Terra are slightly in the red, while Binance Coin has lost 3.5% in the past 24 hours. BNB was among the best performers since the start of the week and is up by 20% on a 7-day scale.

Cardano (3%), Ripple (8%), Dogecoin (9%), and Chainlink (4.5%) have charted substantial gains. Nevertheless, Avalanche is the most significant gainer with an 11.5% surge. As a result, AVAX also tapped a new ATH at $95.

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More fluctuations come from Kadena (19%), OKB (15%), CRO (14%), KuCoin Token (12%), Loopring (11%), ICP (10%), and Bitcoin Gold (10%).

As a result, the cryptocurrency market capitalization reached $3 trillion for the first time ever, at least according to CoinGecko.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Peter Schiff Names Real Reason Behind Bitcoin Drop

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Popular digital assets critic believes that measures against inflation are the real reason behind the most recent market correction

The famous Bitcoin and crypto critic, Peter Schiff, provided his Twitter subscribers with a potential reason behind one of the largest corrections on the cryptocurrency market this year.

According to Schiff, Bitcoin’s correction was tied directly to the Fed’s action toward risk assets like cryptocurrencies and some stocks. Previously, Jerome Powell hinted that tapering might happen sooner than the market expects.

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In addition to the end of the quantitative easing monetary policy, Powell has stated that the point rate may be increased sooner than was expected due to the inflation’s change of nature, which has become a real threat to the country’s economic safety and stability.

All of the actions that the Fed is currently taking are designed to control inflation, which is currently hitting highs previously observed back in the Depression era.

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High-risk assets like Bitcoin and other digital assets were allegedly considered a store of value for those who wished to protect their funds from increased inflation. Schiff is a widely known critic of cryptocurrencies, and he believes they should not be considered an inflation hedge.

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Whales Suddenly Move $320,000,000 in Bitcoin to a Single Destination – Here’s Where the Crypto Is Headed

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Crypto whales just moved over 5,800 Bitcoin (BTC) worth more than $327 million into a single destination, according to a whale-surveilling platform.

Whale Alert tells its 1.8 million followers in a series of tweets that in the last 24 hours crypto whales are relocating thousands of BTC amid a correction that saw Bitcoin tumble to a new 30-day low of $52,416.

Five of the transactions involved shifted BTC from wallets of unknown origins to popular US-based crypto exchange Coinbase. Meanwhile, one transaction moved a large sum of Bitcoin from global crypto exchange Binance to Coinbase.

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Here’s a summary of the BTC transactions:

While crypto investors tend to be concerned that a massive influx of Bitcoin into the crypto exchanges might indicate downward selling pressure, insights firm Into the Block reports that centralized exchanges recorded more outflows than inflows during the past week.

The crypto intelligence platform says,

“Bitcoin recorded nearly $2 billion in net outflows from centralized exchanges, the highest level in five weeks.”

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At time of writing, BTC is down nearly 7.14% on the day to $52,557.

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Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?

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  • Ethereum price analysis is bullish today.
  • ETH/USD rejected further downside at $3,600.
  • Previous support at $3,950 is currently tested as resistance.

Ethereum price analysis is bullish today as we expect further recovery to follow after a strong reaction higher from the $3,600 was seen this morning. Likely ETH/USD is set to break above the current resistance, moving to regain even more over the weekend.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover? 1
Cryptocurrency heat map. Source: Coin360

The market has seen strong bearish momentum over the last 24 hours. The market leader, Bitcoin, has lost 17.23 percent, while Ethereum 14.83 percent. Meanwhile, the rest of the market has seen even more substantial losses.

Ethereum price movement in the last 24 hours: Ethereum breaks below $3,950 previous support, rejects more downside at $3,600

ETH/USD traded in a range of $3,739.39 – $4,647.29, indicating extreme volatility in the market. Trading volume has spiked by 113 percent, totaling $41.2 billion, while the total market cap trades around $465 billion, resulting in the market dominance of 21.16 percent.

ETH/USD 4-hour chart: ETH reacts back to previous lows

On the 4-hour chart, we can see the Ethereum price swiftly rejecting further downside after touching the $3,600 mark this morning.

Ethereum Price Analysis: ETH drops 25 percent from previous swing high, ready to recover?
ETH/USD 4-hour chart. Source: TradingView

Ethereum price action saw strong bullish momentum during the first half of the week. After establishing and retesting the new low at $3,950 last weekend, ETH/USD started to move higher on Monday quickly.

Ethereum reached $4,750 resistance by Wednesday, as bulls were eager to move towards the previous all-time high. However, more upside did not follow, leading to a reversal over the next days.

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Another attempt to test upside was seen Yesterday, with the following rejection leading to a strong spike lower. Overnight, the Ethereum price broke past the previous swing low at $3,950, leading to more downside this morning. Strong reaction, preventing further downside, was seen at $3,600, with ETH/USD since moving back towards the previous low.

Ethereum Price Analysis: Conclusion 

Ethereum price analysis is bullish today as we saw a swift drop to $3,600 met with a strong reaction higher this morning. Therefore, we assume ETH/USD has set a new swing low, and further recovery should follow over the weekend.

While waiting for Ethereum to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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