Bitcoin and XRP are not the only currencies whose price has shown such performance. Other altcoins like Ethereum (ETH), Chainlink (LINK) are on a steady rise as well.
This week, Bitcoin (BTC) and XRP (XRP) are under the spotlight of crypto enthusiasts as the price of both currencies has shocked the community. While Bitcoin is on the way to break the $20k level, XRP has managed to soar by nearly 80% to hit $0.79, which is the highest since May 10, 2018.
Bitcoin Price to Reach $19,000
On November 24, the Bitcoin price has surpassed $19,000 for the first time in almost three years. And obviously, the top crypto is striving towards another milestone of $20k. This month so far, Bitcoin is about 40% up. Year-to-date, it is 160% up. Wall Street analysts are very optimistic about BTC’s future and believe it is standing good chances to surpass its all-time high record of $19,657.30 set on December 17, 2017.
According to the Wall Street Journal, there has been high interest from both institutional and retail investors. Therefore, Bitcoin is experiencing a bull run now. In addition, the Wall Street Journal bets on Bitcoin’s further growth in 2021.
Mati Greenspan, portfolio manager and founder of Quantum Economics, said:
“The main difference between now and the 2017 rally is that back then the market was driven by retail speculation and now it’s being driven by corporations and billionaires.”
At the moment of writing, Bitcoin is trading at $19,148 per coin. BTC market cap has totaled $355.2 billion.
XRP Soars as Airdrop Frenzy Builds
XRP is another coin that has shocked the crypto community with rapid growth. In 48 hours, it has surged by about 80%. Its 7-day growth has totaled 119%. Earlier today, the XRP price reached a high of $0.79, the highest level since May 10, 2018. Currently, XRP is trading at $0.67. Its market cap is $30.3 billion.
As analysts have explained, XRP’s jump results from the smart contract platform Flare Network’s airdrop of “spark” tokens to XRP holders. In particular, 45 billion spark tokens, based on a snapshot of XRP addresses, will be distributed on December 12. The initiative is supported by Ripple’s investment arm RippleX (formerly Xpring).
Jehan Chu, a managing partner at Hong Kong blockchain investment firm Kenetic Capital, stated:
“The impending airdrop is supercharging the XRP bull market and whipping mindshare of one of the largest crypto communities into a frenzy. With the imminent launch of Flare, a smart contract utility fork of XRP, the pair will attempt to challenge Ethereum’s dominance in decentralized finance and decentralized applications.”
Notably, Bitcoin and XRP are not the only currencies whose price has shown such performance. Other altcoins like Ethereum (ETH), Chainlink (LINK) are on a steady rise as well. ETH climbed a new high since June 2018 to $600 in the early hours of trading today, while LINK surged 740% in its year-to-date record.
Daria is an economic student interested in the development of modern technologies. She is eager to know as much as possible about cryptos as she believes they can change our view on finance and the world in general.