Ether Soars to a Fresh Record High Over $4,400 in Altcoin Rally

29 Oct 2021 · 3rd Party Analysis

Vector of 3 Ethereum Logos highlighting the center of recent news, its all about ETH, over a candlechart background. Ether Soars to a Fresh Record High Over $4,400 in Altcoin Rally

WRITTEN BY ThorFX

In Summary: 

  • Ether, the second-biggest coin, hits a new record high over $4,400
  • Alternative coins lift off while bitcoin remains pinned above $61,000

What’s Trading in the Markets?

Ether, the second-biggest digital token in the crypto space, rallied to a fresh all-time high on Friday. The Ethereum coin surpassed $4,400, reaching a market valuation of over $500 billion.

In more detail, the fresh record arrived after ether pulled back slightly at mid-week. Later, however, buying momentum was back and, on Thursday, the token gained about 10% to close at $4,250.

The record high arrived in the early hours of Friday’s session. The Ethereum network’s native token added another 4% to its price, reaching as high as $4,400. The new high is about $20 above its previous peak of $4,380 set in mid-May.

The recent surge in the price of ether highlights a growing trend in which alternative coins are taking the spotlight. To illustrate, bitcoin, the original cryptocurrency, is pinned near $61,000, flat on the day, while so-called altcoins have moved higher.

Dive Deeper in the World of Trading

In stocks and pairs, meanwhile, market participants have been maintaining their optimism. Stocks on Wall Street, in particular, rallied to fresh record highs on Thursday. The push to the upside arrived as a result of solid earnings reports so far.

However, the positive market sentiment was clouded after the bell when Amazon and Apple delivered disappointing third-quarter results. Moreover, shares of both Apple and Amazon slipped 3% or more in after-hours trading.

Apple, on the one hand, said its weaker performance over the quarter ended September was due to supply-chain constraints and a tighter labor market.

Amazon, on the other hand, also addressed similar concerns. The company even said these same factors could weigh on the fourth-quarter results.

In the forex market, the US dollar declined across the board after the US Commerce Department revealed the economic recovery was slowing. That became clear in the fresh GDP report which showed the US economy grew by 2.0% from July to September. In other words, this was the weakest trimester of economic expansion since mid-2020.

What to Expect in the Markets?

As the final week of October is coming to an end, market participants are shifting their focus on next week’s events. Among them, a major Federal Reserve updates on Wednesday as well as the crucial October jobs report.

Still today, investors will look at some individual stocks after this week’s major developments. Tesla, in particular, reached a fresh record of $,1077 on Thursday. In turn, Elon Musk’s net worth crossed $300 billion, making him the first person to reach that milestone.

Also, Facebook CEO Mark Zuckerberg said on Thursday the company is changing its name to Meta. The new name comes as a nod to the company’s vision for the future, a metaverse virtual realm. It’s important to note that the Facebook ticker will be changed from FB to MVRS.

In that sense, Facebook shares might be jittery during today’s session as investors digest the news.

Economic News Today (EST time)

Europe’s inflation data is likely to create increased volatility in the currency market. To this end, traders could use the opportunity and look for chances to enter the forex space. More precisely, the euro zone’s CPI data is scheduled for release at 05:00 am.

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