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Bitcoin price and Ethereum hit the new All-time-high respectively, and here is the reason!

Bitcoin price and Ethereum have together reached new highs in history, at $ 63,214 and $ 2,228.28 respectively. Both have marked gains of nearly 3.5% over the past 24 hours and the momentum has not shown signs of stopping.

bitcoin-price-and-ethereum-hit-new-price-peaks-respectively-why

Source: ATHCoinIndex

Bitcoin price and Ethereum hit new price peaks respectively, why?

In recent times, there has been continuous good news, which has helped boost investor sentiment towards the crypto market in general and Bitcoin in particular. Bitcoin’s on-chain data shows that investors and long-term holders increasingly trust Bitcoin’s higher price, as their selling is slowing down significantly. While spot exchanges are trading Bitcoin around $ 59,600, BTC contracts maturing in June are trading above $ 65,000, if counted through December, to nearly $ 75,000. This shows that the bullish confidence in Bitcoin is coming to a great extent.

bitcoin-price-and-ethereum-hit-new-price-peaks-respectively-why

BTC/USD 4-hour chart | Source: TradingView

Even early April 13, popular magazine TIME partnered with giant Grayscale to launch a series of educational videos about cryptocurrencies and, more specifically, agreeing to pay in Bitcoin.

On Monday, Grayscale CEO Michael Sonnenshein posted a tweet, spreading the word about the new Grayscale collaboration — this time with the legendary Time magazine. Together the companies plan to launch a series of videos on crypto to educate those who still do not know what crypto is about or how it works.

The iconic magazine has agreed to be paid in Bitcoin and it will also hold BTC on its balance sheet. This is the first media giant so far to put the major cryptocurrency on its balance sheet.

Ethereum is also not out of this wave. The price of Ethereum has spiked to see a new all-time high value amidst its scheduled development and major pending update. The update, “Berlin”, is scheduled for tomorrow, and possible that the update could have trajected the price of the altcoin to new heights.

It seems investors and traders are hopeful that Ethereum’s fees will take a knockdown to reasonable levels as the upgrade takes place. If the network upgrade runs smoothly, the blockchain will see a total difference in the way the fees are paid. This main upgrade, dubbed “London” is only scheduled for later in the year. It is predicted that the Berlin upgrade, however, will only offer moderate changes and won there has a massive impact on the network in the long term. It is to set the stage for the London upgrade. Once the upgrade takes place, the network could be looking at brand new opportunities. Not only with the transaction fees drop, but other issues such as scalability on the network will see hopeful remedies.

Besides the expected major platform updates, Ethereum’s on-chain data also shows very positive signs. Plus, Ethereum miners set a monthly revenue record in March, after seeing a spike in revenue in February.

Investors are looking bullish about where the network might go. With Bitcoin breaking above $ 63,000, the overall market is looking positive. With the leading tokens looking at a surge, other alts are also showing promising signs with XRP and Binance coin hitting record highs over the past day’s trading.

You can see the BTC price here.

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