Today, both the largest and the second-largest cryptocurrencies pushed through key price levels as the markets enjoyed bullish momentum from investors. Ethereum price reached a 12-month high level while BTC price crossed the $10,000 level after consolidating in the $9,000s for more than a month.
Ethereum price surpasses $300
Ethereum price enjoyed a bull run this week that raised its price from $245 on Wednesday to over $300 where it currently hovers. The price rose from $245 to $262 on Wednesday from where it soared to $272 on Thursday. The bullish momentum continued the next few days raising the price to $285 by Saturday afternoon.
The price spiked once again between Saturday evening and Sunday morning surging by ten percent from $285 to $316. Since then, the price retraced to $306 before rising to $311 where it currently hovers, according to CoinMarketCap data.
This is the first time the Ethereum price has closed above $300 since August 2018. The price surpassed $300 in June 2019, however, it closed the trading session below the mark.
Bitcoin and Gold bulls
Bitcoin and Ethereum price actions closely correlated as both assets broke out. Bitcoin price momentarily crossed the $10,000 level breaking the price out of its almost two months long consolidation.
While cryptocurrencies may have enjoyed bullish momentum recently, they are not the only ones. Precious metals Gold and Silver have also seen a surge in their prices this week as the US senate passes new government stimulus packages.
The gold price has surpassed $1,900 a level it hasn’t reached since the Northern Rock crisis. Meanwhile, the silver price has risen to $22.7 dollars. The prices have risen as investors seek to protect their funds from the rising global inflation.