Bitcoin’s Volatility Helped Ethereum Hit a New All-Time High: Report

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The price of Ethereum’s ether has hit a new all-time high above $1,430, partly thanks to the recent volatility seen in bitcoin’s price, which moved from $11,000 to a new high near $42,000, before plunging to $30,500 and recovering to $37,000.

The flagship cryptocurrency’s growing volatility, which according to CryptoCompare’s Bitcoin Volatility Index (BVIN) is up 51% year-to-date is believed to have driven investors to alternative cryptocurrencies, which helped the largest altcoin, ether, hit a new high.

According to Bloomberg, cryptocurrency enthusiasts have been encouraged by the comparative calm seen in BTC’s price recently, which over the last few days has been trading around the $36,000 mark, to chase momentum.

Vijay Ayyar, head of business development at crypto exchange Luno, was quoted as saying:

The decentralized finance (DeFi) space has also been seeing its total value locked surpass the $25 billion mark, with protocols like Maker, Aave, Compound, Uniswap, Curve Finance, and SushiSwap having well over $2 billion locked in them.

On top of that, ether locked in the Ethereum 2.0 staking contract has effectively been removed from circulation until the network’s proof-of-stake upgrade launches.  Over $3 billion worth of the cryptocurrency are now locked in it earning their holders interest.

Alex Krüger, a popular economist and trader, has revealed that the next levels to watch for Ethereum. These include the $1,500, $1,600, $1,920, and the $2,000 marks. The levels, he said, are Fibonacci extension, option strike prices, and round numbers.

Featured image via Unsplash.