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World’s Two Largest Cryptos Bitcoin (BTC) and Ethereum (ETH) Hit Fresh All-Time Highs

UTC by Bhushan Akolkar · 3 min read
World’s Two Largest Cryptos Bitcoin (BTC) and Ethereum (ETH) Hit Fresh All-Time Highs
Photo: Depositphotos

The world’s two largest cryptocurrencies are once again leading the overall crypto market by sending clear signals of the beginning of the next major crypto bull run.

In what could be the beginning of the next mega bull run, the overall cryptocurrency market cap has shot past $3 trillion. The recent rally has been led by the world’s two largest cryptos – Bitcoin (BTC) and Ethereum (ETH).

The BTC price has surged past $68,000 levels entering into a new price discovery zone. As of press time, Bitcoin (BTC) is trading at $67,536 with a market cap of $1.278 trillion. Based on the historical trends and post-halving period, the BTC price is likely to reach $100K levels by the year-end. However, the author of the stock-to-flow (S2F) model PlanB notes that the Bitcoin price can reach as high as $288K.

The recent Bitcoin price rally comes on the launch of Bitcoin derivative products like the Bitcoin futures contracts. Besides, the arrival of spot Bitcoin ETFs by next year can bring higher institutional liquidity into the crypto space. Speaking to CNBC, Mikkel Morch, executive director at crypto hedge fund ARK36, believes $70,000 for BTC looks imminent. He added:

“Importantly, the uptick doesn’t seem to be leverage-driven but rather results from the increased demand on the spot market where there’s currently very little sell-side liquidity”.

Two Largest Cryptos Moving Higher: Ethereum Follows Bitcoin’s Footsteps

Over the last few months, Ethereum (ETH) has been closely following up with BTC gains. The world’s second-largest cryptocurrency also touched a new all-time high above $4,800 levels.

As of press time, ETH is trading at $4,820 levels with a market cap of $570 billion. If the ETH price rally continues, $5000 looks imminent as of now. Many analysts are bullish about the largest cryptos and have already given higher price targets of $10K and above for Ethereum.

The Ethereum (ETH) price rally this year has been backed by the rapidly rising demand in decentralized finance (DeFi). DeFi is the latest trend in the market that allows for building financial applications for trading and lending on the blockchain network.

Ethereum has been one of the key players in the DeFi space. The total value locked of all DeFi protocols on Ethereum is currently $185 billion. Besides, the Ethereum blockchain hosts some of the most popular decentralized exchanges (DEXs) and lending platforms like Aave.

Apart from DeFi, the Ethereum blockchain has also witnessed a high NFT activity on the platform. Popular Ethereum-based NFT platforms like OpenSea have conducted sales worth millions of dollars this year. Furthermore, the developments around Ethereum 2.0 are going pretty strong. The Ethereum 2.0 is likely to solve much of the scalability issues on the blockchain along with reducing the transactions costs.

Altcoin News, Bitcoin News, Cryptocurrency news, Ethereum News, News
Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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