Bitcoin has crossed the mark of $20K, leading Ethereum, Ripple XRP and other altcoins
Apparently, the long-awaited by the whole crypto community event has happened. Bitcoin repeated the record high of 2017, and again reached the value of $20K. At the moment, it seems that BTC can no longer be stopped.
A new historical moment for Bitcoin
Bitcoin’s new all-time high is demonstrating how crypto traders have hoped to end this difficult year. The crypto asset has overcome the psychological barrier of $20K, and now the mark of $23 thousand.
At the time of writing, BTC was trading on CoinMarketCap at $ 23,068, and its jump in price sent the overall cryptocurrency market into the green. Bitcoin-bulls were enthusiastic as well-known investors on Wall Street throughout the year put forward a hypothetical price forecasts.
The leading cryptocurrency has recorded a huge increase this year. Now when bitcoin has taken off, Celsius network ceo Alex Mashinsky says that the asset will undoubtedly grow to the level of $ 30 thousand. He said:
“In January, I predicted that we would see these new historical highs before the end of the year. Now calm down, because we will visit the $ 20–22K level at least a dozen times before breaking through to the $ 30k range later in 2021. I really think we will also retest the $14–16 thousand levels. This will probably be the last time most of us will have the opportunity to buy bitcoin below $ 20,000 again”.
He informed everyone that this may be the last opportunity when it will be possible to purchase Bitcoins below $ 20K.
Altcoins rushed for BTC
Currently, with BTC prices rising, altcoins have also recovered, trading higher. As can be seen from Bitcoin’s previous bullish runs, the upward momentum of the mainstream cryptocurrency has always benefited alternative currencies, whose movement is highly correlated with it.
Over the past 24 hours, Ethereum (ETH) has grown by 10%, Ripple (XRP) by 25%, Litecoin (LTC) by almost 15%, and Bitcoin Cash (BCH) by 8.40%.
Bitcoin’s surge sent the second-largest cryptocurrency by market capitalization, Ethereum, to a new price level not seen since May 2018. Ethereum managed to rise by 355% this year and again broke the psychological barrier of $ 600, reaching an annual high of $ 648. According to one anonymous crypto enthusiast, the Ethereum rally in December was always optimistic. He said:
“ETH has been launched every December for the past 3 years with at least 100% + ROI in the following months. What makes you think this year will be different? Ethereum up to $ 1000 + over the next few months!”
The crypto investor was undoubtedly referring to Ethereum’s all-time high in January 2018, when the cryptocurrency reached $ 1,392 on leading cryptocurrency exchanges.
As for Ripple (XRP), the coin has been bearish all week, and traders doubted whether it would fall to a lower support level, as it failed to reach the main support level of $ 0.4542 and $0.4396 yesterday. XRP tested the $ 0.50 level again and again, even going lower. Since the airdrop of Flare Networks, its price has been falling as traders have dumped their XRP funds. Currently, the crypto asset is trading at $ 0.55 on CoinMarketCap, which is caused by a sharp rise in Bitcoin.
Bitcoin’s rise to an all-time high this year has been driven by institutional support, and this may be just the beginning as the cryptocurrency sector has yet to reach its full potential.