Home News Suddenly, Bitcoin hits new all-time high after $2K gains in minutes

Suddenly, Bitcoin hits new all-time high after $2K gains in minutes

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On Nov. 10, Bitcoin (BTC) price movement unexpectedly reached fresh all-time highs, surprising everyone. The Wall Street Journal claimed that US inflation reached a 30-year high in October, which corresponded with the BTC price increase.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC and Ether are “constantly rising”

The BTC/USD pair gained $2,000 in less than 45 minutes, according to data.

Bitcoin not only reversed its previous short-term downturn, but also surpassed its prior record high of $68,564, in line with a number of similar advances in recent weeks.

The volatility was far from over at the time of publishing, as $69,000 and the psychologically critical $70,000 milestone loomed ahead.

As previously reported, traders had that level on their radar, believing that any retracement in the interim would still result in additional gains.

Popular trader Pentoshi said, “Relentlessly up”.

“There have been no drops, simply a little period of consolidation on $BTC and $ETH since 40.7k. Will the (bears) ever figure it out?”

With Bitcoin currently in the price discovery phase, an accompanying graphic highlighted the $40,000 zone as likely the “final dip ever”.

BTC/USD annotated price chart. Source: Pentoshi/Twitter

With a fresh record high, ETH follows in the footsteps of Bitcoin

As the attitude on the day quickly turned, Ether (ETH), Binance Coin (BNB), and XRP all reversed their downward trend.

Following Bitcoin, ETH/USD reached fresh all-time highs of $4,868, edging closer to the $5,000 milestone.

ETH/USD 1-hour candle chart (Bitstamp). Source: TradingView

At the time of publishing, U.S. markets had yet to start, but traders were keeping a watch on Tesla after the company’s sell-off on Nov. 9 had a ripple effect across crypto markets.

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