Bitcoin Breaks $34k Barrier As Ethereum Hits Two Year High

News / 03.01.2021

Bitcoin’s bullish run has continued into the third day of the year after the leading coin surpassed $30k yesterday. This bullish run has caused a major effect, with leading altcoin Ethereum hitting a major milestone in the past few hours.

Bitcoin (BTC) Exceeds $34,000

Bitcoin entered the day on the back of a major bull movement that began over the weekend. Since hitting the $30k mark yesterday, the leading coin has continued to experience an uptrend in price. This has led to increased Bitcoin volumes by more than 100% in the last 24 hours.

What is surprising about this current Bullrun is that there is no major catalyst. Several factors have contributed to the daily increase in value for the leading coin. One of this is FOMO or fear of missing out. Bitcoin has been trending daily on mainstream news, which has led to new investors looking to accumulate for massive gains.

Institution adoption has also increased in recent weeks as more investors are purchasing large quantities of Bitcoins. Grayscale, which began 2020 with $2 billion worth of crypto assets, now controls over $20 billion in crypto assets. As expected, a large percentage of the portfolio is held in Bitcoins since it is the leading currency. Other financial juggernauts like PayPal and Square have also made significant changes to accept crypto on their platforms.

In just 17 days, Bitcoin has witnessed an increase of more than 50% in its price from $20,000 to $30,000. Nevertheless, a growing sense that a major correction could occur in the coming days as more Bitcoins is finding their way into exchanges.

Ethereum Hits 2-year Milestone

Leading altcoin Ethereum has also enjoyed a major surge in price in the past 48 hours. During this period, it has achieved a milestone surpassing $800 for the first time since 2018. Although its bullish run has not been as extensive as Bitcoin, Ethereum is still enjoying its best spell in two years.

The development of Ethereum 2.0 is billed by many as a major drive that could increase Ether’s value. At the time of publication, Ethereum is currently up 14% and is valued at $943 as it closes in on the $1000 mark.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.