On Tuesday, Ether (ETH) underwent a bullish breakout which propelled the cost to a new all-time high at $1,428.

While the move may accept been technical, the fundamentals for Etheruem continue to improve as less than one month after launch in that location is now $iii.eight billion worth of ETH locked on the Eth2 blockchain.

The rapid rise in toll has conspicuously attracted the attention of pro traders but Cointelegraph analyst Marcel Pechman warns that Ether's rise to a new high was also accompanied by a large increment in brusque positions.

ETH/USDT four-hour nautical chart. Source: TradingView

Ether's break to a new high had little effect on Bitcoin price and information technology appears that critical comments from one-time U.S. Federal Reserve chairwoman, Janet Yellen, had a negative bear on on the wider market today.

Yellen, who has been nominated as President-Elect Biden'southward Treasury Secretary, said that cryptocurrencies are being used "mainly for illicit financing." She issued the comments during a hearing with the Sentate Finance Committee and likewise advocated for major fiscal stimulus by telling Congress to "act big" when it comes to assist for the ailing U.Southward. economy.

Institutions are however bullish

Daily cryptocurrency market functioning. Source: Coin360

Despite today'south slight correction, institutional investors are still bullish on Bitcoin'southward long term prospects. A recent projection from hedge fund Vailshire Majuscule Management chosen for an "imminent breakout" and PlanB, the creator of the popular Stock-to-Menstruation model, has predicted that Bitcoin price could close the calendar month nigh $48,000.

Dissimilar the crypto market, traditional markets concluded the day with force as Yellen's phone call for additional economic stimulus are viewed as a positive by Wall Street. The S&P 500, Dow and NASDAQ all finished the trading 24-hour interval off strong following Yellen's remarks, closing up 0.81%, 0.38%, and i.five% respectively.

BTC/USD daily chart. Source: Coin360

Despite the negative view expressed by Yellen, positive developments for several blockchain projects helped drive select altcoin prices higher.

Enjin (ENJ) price rallied 71% afterward the project was legally authorized for merchandise by the Japanese Virtual Currency Substitution Clan (JVCEA). Aside from Ether (ETH), the best performing top 20 money over the by 24-hours was Bitcoin Cash (BCH), up 7.46% and trading at $546.

The overall cryptocurrency market cap now stands at $1.046 trillion and Bitcoin'due south dominance charge per unit is 65%.