- Bitcoin (BTC) and Ethereum (ETH) spikes high reaching new all-time highs.
- Bitcoin hovers over $34K and lost $4K in an hour.
- However, Ethereum soars over $1,100 first time since Jan 2018.
- BTC and ETH managed to withstand all the crypto market trials and volatility despite the pandemic.
The price of Bitcoin spiked over $30,000 reaching a new all-time high. While Ethereum breaks above $1,100 for the first time since January 2018.
Bitcoin hovers over $34K, lost $4K in an hour
Bitcoin, the leading cryptocurrency passes over $34,000 for the first time on Sunday. According to data from statistical websites, BTC sheds over 12% in an hour on Monday. However, the BTC boom is a tide that is lifting other altcoins. This indicated as the altseasons by traders.
According to CoinGecko, the BTC price is at $31,007, at the time of writing.
[image lightbox=”1″ caption=”BTC Price Chart 1-Month (Source: TradingView) “]https://thenewscrypto.com/wp-content/uploads/2021/01/BTC-Price-Chart-1-Month.jpg[/image]
Just 12 years old bitcoin saw a rise since March when it stood at $5,000. Also spurred by digital payments giant PayPal to enable account holders to use cryptocurrency. Moreover, BTC started to attract the attention of many financial institutions and experienced wild price swings.
Ethereum soars over $1.1K first time since Jan 2018
Ether (ETH), a native digital currency of Ethereum blockchain spiked over $1,160 for the first time since January 2018. More so, the ETH rally was due to BTC momentum. Due to high funding and huge sell orders, ETH price pulled back.
According to CoinGecko, the ETH price is at $992, at the time of writing.
[image lightbox=”1″ caption=”ETH Price Chart 1-Month (Source: TradingView)”]https://thenewscrypto.com/wp-content/uploads/2021/01/ETH-Price-Chart-1-Month.jpg[/image]
ETH/USDT has shown huge performance in the last few weeks. If this continues, the crypto can be seen to run along with the bulls in breaking the resistance level of $1,147, which can lead towards a high price of $1,250.
On the contrary, if the ETH price fails to maintain its position with the bulls, the crypto might break out of its bullish position and fell below along with the bears at the support level of $889. In this case, the crypto must find a way to recover quickly.
Furthermore, despite the global COVID-19 pandemic, both BTC and ETH managed to withstand all the crypto market trials and volatility.