Bitcoin and Ethereum Notch Record Weekly Closes

News
Mon, 11/09/2020 - 06:09
article image
Alex Dovbnya
Bitcoin and Ethereum have both scored their highest weekly closes in more than two years
Bitcoin and Ethereum Notch Record Weekly Closes
Cover image via stock.adobe.com

It was another bullish week for the cryptocurrency industry.

Bitcoin, the flagship cryptocurrency, has scored its third-highest UTC close on the weekly chart ever at $15,492.  

BTC
Image by tradingview.com

It is currently trading slightly in the red at $15,483 on the Bitstamp exchange.

Bitcoin was able to advance higher after convincingly breaking above the pivotal  $14,000 resistance, surging to a 2020 high of $15,986 on Nov. 6.    

On Nov.  7, the bulls saw a sharp eight percent correction but they did manage to bounce back quickly the following day and capped off the turbulent week with a massive 12.69 percent green candle.   

Bitcoin is yet to surpass its weekly closes of $19,002 and $16,123 that were recorded in mid-December 2017 and early January 2018, respectively. Back then, the top coin was in the middle of a euphoric rally that was followed by a stunning collapse. 

Related Bloomberg's Commodity Strategist Expects "Parabolic" 2021 for Bitcoin
Related
Bloomberg's Commodity Strategist Expects "Parabolic" 2021 for Bitcoin

Ethereum, the largest altcoin by market capitalization, also logged its highest weekly close since July 2018. 

As reported by U.Today, the launch of Ethereum 2.0’s deposit contract on Nov. 4 spurred Ether’s first significant rally since the peak of the DeFi bonanza in early September. 

However, while Bitcoin is only down 21 percent from its lifetime high, Ethereum is down a staggering 68 percent. 

ETH
Image by tradingview.com

The ETH/BTC pair is down 27 percent from its yearly high of Sept. 7.

ETHBTC
Image by tradingview.com

Bitcoin’s market share is currently sitting at 64.4 percent, the highest level since mid-June, according to CoinMarketCap data.  

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.