Ether (ETH), the native token of Ethereum, is expected to set its record high shortly since it has broken above $4,000, a critical resistance level. On Oct. 20, the price of ETH increased by more than 5%. It surpassed $4,100 on the Coinbase platform for the first time since May 2021. The cryptocurrency’s rise beyond $4,000 mainly came from Bitcoin (BTC) breaching above $65,000 to enter price discovery.
According to data from Crypto Watch, the 30-day correlation between Bitcoin and Ether is 0.81. The two assets have an 81 per cent linear positive connection. As a result of Bitcoin’s capacity to enter price discovery, Ether, which is still trading a few hundred dollars below its current all-time high of $4,385, has similar prospects.
ETH price ascending triangle setup
The current ETH pump increased its year-to-date gains by about 450 per cent, compared to Bitcoin’s 130 per cent returns in the same period. It also raises the prospect of Ether outperforming Bitcoin in future sessions. Therefore it allows it to reach values far higher than Rekt Capital’s $4,400 estimate.
On Wednesday, the price of ETH surpassed the Triangle’s top trendline. Nonetheless, the upward movement was accompanied by lesser trading volume, suggesting that ETH may revisit the trendline as support in the near term.
Bitcoin’s all-time high
The total value locked in DeFi protocols increased to $233.8 billion as token prices rose and stablecoin inclusion increased, sending the measure to a new high. On Oct. 20, bullish enthusiasm ran high across the cryptocurrency market as Bitcoin (BTC) surged to a new all-time high of $67,000, propelling the digital asset into uncharted territory. Investors are intently watching how altcoins and DeFi tokens respond to the move. According to DeFi Llama statistics, there is now more than $233.88 billion in value locked in protocols across all major blockchain networks, including Binance Smart Chain (BSC), Avalanche (AVAX), and wrapped Bitcoin (WBTC). AAVE currently leads with $18.79 billion in locked-in value, while Curve is second with $17.97 billion.
As a result of Bitcoin’s rising value, WBTC is now fourth in TVL. It has $14.51 billion in value distributed throughout the DeFi landscape.
Trader Joe experienced a 57.2 per cent boost in TVL during the last seven days. Meanwhile Rari Capital witnessed a 50.57 per cent increase. Yield Yak rose 36.52 per cent as well. One probable explanation for this is the increasing focus on BTC in recent months, speculation over whether a Bitcoin exchange-traded fund (ETF) would be approved. Whether or not the BTC price will hit $100,000 by the end of 2021 dominated conversations.