Bitcoin and Ether Marked Record High
BTC and ETH reached all time with of $67.5K and $4.7K respectively, which could continue to rally until the end of the year
Bitcoin on Monday crossed past $67,000 for the first time and reached as high as $67,523.28.
The crypto market added approximately $1 trillion in just a month and have been on bullish mode since October. Earlier research shows Bitcoin has been the strongest in fourth quarter of the year averaging return from 18.1-15%.
According to CoinMarketCap, as of writing this report market capitalization of the crypto market reached nearly $3 trillion.
However, Glassnode data shows the number of wallets with more than zero Bitcoin has returned to nearly 39 million which slightly falls short of record high of 38.7 million in May.
Weekly report by Glassnode also noted Bitcoin’s balances on exchanges continued to drop while Bitcoin’s hash rate could return to record high before the end of the year. Hash rate is a measure of total computational power used to secure the coin’s blockchain.
Either the second largest cryptocurrency in the world also hit all time high of $4,794.99 after ETH network burned more Ether than it issued for at least a week. It has been deflationary for over 7 days now. Burning means ETH is permanently removed from the circulating supply.
Meanwhile the higher transaction fees of ETH lead the market to shift focus towards Ether alternatives including Solana (SOL), Polkadot (DOT), Terra (LUNA) and Avalanche (AVAX).