thecoinrepublic.com
- Ethereum rides on its way top to an all time high
- Bitcoin too on recovery track
- The Market capitalization of altcoins reached trekked new highs
On Friday, the price of Ethereum reached an all time high of $4,455. On October 29 after being in a slump for more than 5 months the crypto outperformed itself. The last high was seen in the month of may where the price of ETH soared around $4100 levels. At the time of writing ETH is trading in & about $4,324.
The price of ETH soared by more than 6% in a week as it saw few tweaks and an increment in its use of Native blockchain. Ethereum blockchain apart from the currency, also hosts several other applications and NFTs, a surge in use caused the price to rally.
In an interview with Reuters a researcher from broker pepperstone, Christ Weston acknowledged that the recent upgrade has made Ethereum faster and more energy efficient which has acted like fodder to investors.
Bitcoin, , breached the 67,000 mark on October 20 for a brief span of time. The Listing of proshares ETF helped the cryptocurrency create its new all time high but soon after witnessed a crash of more than 12%, dropping it down to $58,000 levels. It was assumed that the crash occurred because of long term investors cashing out for profits.
Apart from Ethereum, the crypto king too redeemed itself to the path of recovery after crashing by more than 4% in a day to $58,000 levels, earlier in the week. On October 29, BTC saw an all week high of $62,927 and is currently trading at $61,56 at the time of writing.
Both the coins witnessed a slight sell off on October 30, making the recovery gradual. Several other cryptocurrencies like cardano and xrp also saw an increase in value but went for a slight sell off on October 30.
Due to both rally and recovery of Alt tokens & the battle between meme coins, it was witnessed that market capitalization of overall alt currencies led to an all time high. The world of Alt coins is now worth more than $1.43 Trillion.
Popular Exchange, Coinbase was the hot spot for trading of these two currencies. Hereby, consequently citing that most investors were retail traders.Many analysts also believe that the weekly and monthly close will be a point of interest for crypto enthusiasts.