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Bitcoin and Ether hit new all-time highs

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Bitcoin and Ether hit new all-time highs on Monday evening.

Bitcoin’s price rose above $ 67,700 at times – beating an earlier record set in late October – while Ether, the Ethereum blockchain’s native token, topped $ 4,800 for the first time ever.

These record breaking moves come amid a broader rally in the crypto market. The so-called “Ethereum killers” Solana and Cardano have risen 23% and 9% respectively in the past seven days.

The ProShares Bitcoin Strategy ETF, which launched in October and tracks Bitcoin futures contracts pegged to the future price of the cryptocurrency, rose more than 8% on Monday.

While it is difficult to relate short-term price movement to a particular event – and the price charts for cryptocurrencies are often full of volatility – some analysts believe that both Bitcoin and Ether will continue to trend higher in the coming weeks.

In a note posted on Monday, Mikkel Morch, executive director of crypto hedge fund ARK36, said a bitcoin price of $ 70,000 is now “imminent”.

Others have bolder predictions for Bitcoin’s development, as JPMorgan recently doubled its forecast that Bitcoin would eventually hit $ 146,000, with a shorter-term price target of $ 73,000 for this year.

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Next week, Bitcoin will roll out its biggest upgrade in four years.

The software upgrade is known as taproot. This means more privacy and efficiency in transactions – and most importantly, it will unlock the potential for smart contracts, a key feature of its blockchain technology.

Meanwhile, Ether has been on the upswing since it implemented Altair, a network upgrade that went live in late October.

Altair was viewed as a non-event by most, except for validators – that is, the people on the Ethereum network who verify transactions. But the upgrade was a critical step in the implementation of Ethereum 2.0 or Eth2, which has been in the works for years and will fundamentally overhaul the entire network.

Ethereum 2.0 would switch the network from the energy-intensive “proof-of-work” mining system, in which miners solve difficult mathematical equations to create new coins, to “proof-of-stake” in which users only use their existing ones must use Ether’s cache as a means of verifying transactions and minting new tokens.

Eth2 aims to make Ethereum more scalable, secure and sustainable. This change will be huge not just for Ethereum, but for the broader cryptocurrency community as a whole.

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