Bitcoin (BTC) price surged to $29,000 on Wednesday to close the current year with a massive price increase. Meanwhile, XRP continues to be delisted from some of the largest exchanges in the world. This time, Binance.US dropped support for XRP after the U.S. Securities and Exchange Commission lawsuit against Ripple. This could also have influenced the price expansion of BTC.
Bitcoin Reaches New All-Time High
The largest cryptocurrency in the world has reached a new all-time high on Wednesday 30th. Bitcoin was able to skyrocket to $29,000 and surpass this level for a short period of time. Now it stabilized close to $29,000.
This comes after a year in which Bitcoin was able to move from $7,400 to $10,000, fall to $3,800 and start moving from that moment to the current prices. 2020 will certainly be remembered for companies starting to enter the market.
Over the last months, a large number of companies announced their investments in Bitcoin. Some of these firms include MassMutual, Ruffler, Square and MicroStrategy. All of them have acquired BTC in a strategic way as insurance against the devaluation of the largest currencies in the world.
Most of the altcoins have followed Bitcoin but not all of them were able to reach all-time highs. Ethereum (ETH) and Litecoin (LTC) are looking good after a very positive year for these digital assets. XRP, instead, has suffered from the SEC lawsuit and its price dropped below $0.18 for a short period of time.
The main question is whether XRP will continue to be delisted from different exchanges in the future. If that happens, it is highly possible we could see new lows for the XRP digital asset. Despite that, XRP continues to be above the COVID-19 low in March 2020.
2021 could be a very positive year for Bitcoin. If new investors enter the market and large companies decide to purchase BTC in a strategic way, $29,000 could be just the beginning. Moreover, XRP will have to find a way to recover its credibility. For this to happen Ripple will have to face some legal issues that are now affecting the firm.
2021 could also be a good year for Ethereum with its Proof-of-Stake (PoS) implementation. Meanwhile, Litecoin could continue moving higher and take its position as Bitcoin’s partner. This could help the digital asset continue moving higher as well.