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Saturday, October 1, 2022

BTC and ETH reached today NEW ATH

BTC – $63,774.39

Bitcoin (BTC), the most common cryptocurrency, has begun to reach new all-time peaks (ATHs), jumping beyond USD $63,000 for the first time in its existence and liquidating nearly USD 200 million in short-selling positions in less than an hour.

Ethereum (ETH), the most common smart contract network, has hit a new all-time high.

BTC is currently trading at about $63,194, down from $63,579 earlier today.

  • The price has risen by 5% in one day and 7.5% in one week.
  • In a month, it increased by 3%, and in a year, it increased by 813%.

BTC reached its latest all-time high on March 13, and it exceeded it one day before Coinbase, the largest US crypto exchange, announced a direct listing.

The run in the price of Bitcoin is remarkably being fueled by two core fundamental events, which include the upcoming public listing of Coinbase cryptocurrency exchange, as well as the growing list of firms pressing the SEC for an ETF product,” said Nick Spanos, Co-founder of Zap.org, a platform for tokenizing services and curating service providers with a focus on oracle services.

BTC/USD - Daily chart

ETH new ATH in just 3 days – $2,317.30

ETH, on the other hand, is up 7% in a day and 8.5% in a week, selling at $2,275 after hitting a new all-time high of $2,317.30 earlier today.

In a month, the price has increased by 18%, and in a year, it has increased by 1,333%.

“While both might appear to be seeing a commensurate run, ETH has to a large extent broken its correlation with BTC and charts its own course as observed in the past weeks. Ahead of the EIP 1559 upgrade coming in July, as well as the eventual rollout of the Ethereum 2.0, ETH bulls are somewhat inspired to push the coin to a high of $2,500 in the short term, and over $3,000 by the end of the second quarter,” said Konstantin Anissimov, Executive Director at the CEX.IO trading platform.

ETH/USD - 4 hour chart

BTC has been consolidating over the last month before reaching a record ATH today, while altcoins had reached new yearly highs.

“This is healthy consolidation for bitcoin given that we have already hit close to 100% YTD return on BTC and the market needed to take a pause,” Pankaj Balani, CEO and Co-founder of Delta Exchange, a crypto derivatives exchange, said in an emailed comment.

According to him, a good break out over the $60,000 level could drive BTC towards $65,000, with the $70,000 – $75,000 levels also being challenged.

“The digital token space continues to see tremendous growth and technological advances against a backdrop of increasing institutional adoption and Wall Street’s embrace of blockchain-based businesses. As a result of the growing demand in DeFi, tokens other than bitcoin are expanding their reach, with select tokens emerging as front runners due to their efficiency and utility,” Paolo Ardoino, Chief Technology Officer of Bitfinex, added.

Meanwhile, according to Alexander Vasiliev, Co-founder and CCO of the payments network Mercuryo, the fact that Bitcoin (BTC) has grown in popularity in Turkey as the country’s economic chaos continues should not be overlooked.

“And, with BTC mining constantly being criticized for energy use, the plan to make it go green also could have contributed to the coin’s price surge,” he said, adding that “at this point, no one can tell how far up BTC will go, but the hype about the USD 400,000 price might actually push it to this level”, he said.

Mike McGlone, the Senior Commodity Strategist at Bloomberg Intelligence, recently said that if BTC follows its previous trends, the price would reach $400,000.

Ethereum more Technical Analysis

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