Bitcoin shakes while running to the $30k mark
We’re officially on a roller coaster now, regarding the Bitcoin (BTC) price. Its last All-Time-High (ATH) has been broken and, barely 12 days after, it’s surpassed other several important marks: $22k, $24k, $26k, and even (briefly) $28k. Bitcoin is running to $30k, but not without shaking in the process.
Its current price is around $27k and keeps shaking up and down, undecided. As indicated by Adam Back, CEO of Blockstream, now it’s possibly the turn for retail investors after the huge institutional investments this year. Indeed, for him, the last rally in the price couldn’t be caused by closed-by-holidays institutions, but by people in front of their devices.
However, it’s worth mentioning that the multinational investment management firm BlackRock (often called the “world’s largest shadow bank”) will probably invest in Bitcoin and/or cryptos pretty soon.
Its current CEO, Laurence Fink, previously suggested that Bitcoin can rival the dollar as a reserve currency. And now they’re looking for a new “Blockchain Lead”, which might be considered as a crypto investment manager, according to some reports. This would mean they’re aiming to jump into Bitcoin by the next 2021.
Meanwhile, the recent lawsuit against Ripple Labs can have something to do as well with the last Bitcoin rally. Experts like Adam Cochran, partner at Cinneamhain Ventures, are assuming that most of the panic-sold XRP ended up into Bitcoin, instead of fiat money.
Considering the fact that the price of XRP has dropped by 50% after the lawsuit announcement by SEC, that’d be a really great flow for the first cryptocurrency.
Bitcoin close to $30k, but not alt-season
While Bitcoin is having a great time with bright predictions, that’s not the case for most altcoins in slumber or straight in red numbers. Maybe only Ethereum it’s the exemption, having reached the $700 mark per unit for the first time since 2018.
Tether (USDT) may not count because it’s a stablecoin. However, the STABLE Act, a bill proposed recently by U.S. Congress, isn’t great news for it. If approved, the issuing company would need to comply with complex and expensive requirements to keep operating with this asset.
XRP keeps going down. And currencies like Bitcoin Cash (BCH), Litecoin (LTC), Cardano (ADA), EOS, Stellar (XLM), and NEM (XEM) are following the negative example. As for the DeFi ecosystem, we can say it’s kind of stagnant lately. The last month has increased by 9%, but that’s compared with the previous 20%+ growth from November; according to DeFiPulse.
Bitcoin dominance is still around 69.3%, followed by Ethereum with barely 10.7% and Tether with 2.9% [CoinMarketCap]. At this rate, Bitcoin will probably reach the $30k mark before the year ends, but we only can wait to see the results.
Featured Image by kinkate / Pixabay
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Originally published at https://blog.alfa.cash on December 28, 2020.