Bitcoin, ETH Prices Hit 2020 Highs Despite Rocky Day for Ethereum

The bullish mood of Bitcoin and Ethereum traders remains strong despite news of a probable change of government in the United States and a major outage of Infura, one of Ethereum's largest service providers.

After seven months of a conservative uptrend, Bitcoin managed to bust out of the gates today. The token started the day at $15,136 and rose to $16,000 hours later. However, the $16,000 became the psychological barrier of the moment. Just after breaking the line, the token dropped to its current $15,859.

It has been a long time since traders showed such enthusiasm. The Crypto Fear and Greed Index shows an 86% greed feeling among traders, a positively Michael Douglas-type number that indicates the market could be headed for a correction.

On the other hand, fears of a "crash" after a Biden mandate could be fading with the president-elect's announcements of a coronavirus relief plan and the appointment of a crypto-friendly advisor.

Ethereum Wants to Moon

Another cryptocurrency that has managed to beat the FUD is Ethereum. A few hours ago, a bug—or “unannounced hard fork,” whatever you prefer to call it—caused part of Geth node management service Infura to crash. As a consequence, several exchanges suspended ERC20 token withdrawal services. Binance, the world's largest exchange, was among those affected. But traders shrugged it off, read the news, and kept buying ETH frantically.

The cryptocurrency managed to reach $476.80. This amount is certainly worth noting. It ranks as either the highest price this year or the second-highest, depending on who you ask. The price is currently around $464.

As with Bitcoin, the charts show a consistently bullish Ethereum. The boom of stablecoins and DeFi projects drives the Ethereum ecosystem's expansion and the demand for its native token ETH.

What will be the next frontier for the two most important cryptocurrencies?