Bitcoin price topped $ 347k, causing Ethereum to break above $ 800 after a strong rally overnight

The price of Bitcoin (BTC) exceeded 34USD 700 to reach a new all-time high after a strong rally overnight. Ether (ETH), the native cryptocurrency of the Ethereum blockchain, also exceeded USD 800 for the first time since May 2018

Bitcoin’s sudden rally is surprising as it began on Jan. January strong to around 30$ 300 corrected 2 Within 24 hours, BTC rose from 30300 USD on 34$ 778 which is a 14% recovery

When the price of Bitcoin on Jan. January 33$ 000 topped 2, some whales and high net worth investors warned that a sell order of 150 BTC could track the market

Within a few hours he recognized the risk of a Bitcoin correction due to thin order books, BTC withdrew sharply

However, Bitcoin quickly rebounded after the initial decline and hit a new record high within 24 hours

The main catalysts for Bitcoin’s rally were the institutional accumulation of BTC on Coinbase and the brief pressures on Binance Futures

For the past three days, Bitcoin has been trading much higher on Coinbase than other major exchanges, as Cointelegraph reported

Meanwhile, many Binance Futures traders have trimmed BTC, possibly expecting Bitcoin to hit a high of around $ 30Will Reach USD 000 As Coinbase BTC buyers continued to push BTC up, there was a brief push, as Santiment analysts stated:

Ether price recovered due to the strong technical dynamics of Bitcoin, ETH / USD rose above USD 800 for the first time since the beginning of May 2018 and after stagnating in December showed another dynamic

A pseudonymous cryptocurrency trader known as “Mayne” said on Jan 2 ahead of the Ether rally, ETH is expected to go to $ 800 He said:

Ethereum has another major catalyst on the horizon as the CME futures exchange plans to launch ETH futures in February

Given the high institutional demand for Bitcoin since the first quarter of 2020, demand could also boost Ether’s listing

Meanwhile, Bitcoin continues to be on an uptrend in pricing, reaching new record highs every day, given an alleged supply bottleneck and institutional buying frenzy now spilling over into retail, the rally could have a lot more headroom, with 35$ 000 is probably the next psychological level to break

As Cointelegraph reported, six-digit forecasts have become increasingly common over the past few months, especially as the rally hit new all-time highs

Ethereum

World News – CA – Bitcoin turns parabolic towards 35$ 000 While Ethereum Breaks $ 800: What’s Next?

Source: https://cointelegraph.com/news/bitcoin-going-parabolic-toward-35k-as-ethereum-breaks-800-what-s-next