Bitcoin celebrated the New Year with a new all-time high

On Sunday, January 3, Bitcoin climbed above $ 34,500, once again renewing all-time highs.

Over the week, the first cryptocurrency has risen in price by more than 7 thousand dollars (27%) – this is a record increase in dollar terms throughout history.

According to CoinGecko, the capitalization of bitcoin on Sunday exceeded $ 640 billion. The dominance index fell below 69% due to the growth, first of all, of the second cryptocurrency – Ethereum.

The total capitalization of the entire cryptocurrency market came close to the absolute maximum recorded in early January 2018, when it was achieved due to the outstripping growth of altcoins.

According to Skew, in the fourth quarter of 2020, the value of bitcoin increased by 168.7%. Over the past six years, only the fourth quarter of 2017 turned out to be the most productive for BTC (+ 210%), coinspot writes.

Analyst Willie Wu believes that in the long term, BTC is set to renew highs, and could easily reach $ 100,000 or even exceed this level.

Amid Bitcoin’s rise to uncharted heights, Ethereum (ETH) jumped 24% on Sunday, breaking the $ 900 level. The last time the second largest cryptocurrency by capitalization was traded in this area in February 2018. The weekly growth in ETH was 50%, almost double the similar growth in Bitcoin.

The price of Ethereum has grown by almost 500% over the year (for Bitcoin, this figure is 366%). However, the market value of ETH is still 43% below its all-time high, writes forklog.

Well-known trader Michael van de Poppe expressed the opinion that Ethereum, as well as Polkadot, Cardano and Chainlink, will soon update price records. One of the main drivers of Ethereum’s growth is the rapid development of the decentralized finance industry.

Ethereum 2.0 can also positively influence the ETH rate, in staking of which coins with a market value of $ 1.7 billion are involved. Earlier, Messari analysts predicted an increase in demand for Ethereum from institutions.

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