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The price of Ether could overcome the resistance around $4.000 and set a new record. Over the last 24 hours, the price of the token went up by around 9%, hitting a new all-time high of $4.366. The surge happened a day later after Bitcoin's set ath of $66.930.
Currently, the global crypto market cap stands at above $2.65 trillion. Bitcoin's market dominance is 46.49% and Ethereum's is 18.85%. Tesla CEO Elon Musk reacted to the market surge by posting a cartoon picture of a couple looking at charts, where the Bitcoin price is $69.000 and Ethereum's $4.200.
pic.twitter.com/pCO0wNNZtz
— Elon Musk (@elonmusk) October 21, 2021
In February, this year Tesla made a major Bitcoin investment of $1.5 billion. In April the company sold around 10% of its BTC holdings as a part of its investment strategy, and currently, it owns around 42,902 bitcoins worth almost $2.8 billion, per data of Bitcoin Treasuries.
Elon Musk supports the crypto industry. Previously he said that the US government should not take action to regulate crypto. He stated while it's impossible to destroy crypto, regulations will slow down the advancement of the sphere.