Bitcoin Stops Short of Hitting New All-Time High as XRP Resumes Rally

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Tue, 11/24/2020 - 19:56
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Alex Dovbnya
After almost three long years, Bitcoin came close to hitting a new all-time high on Nov. 24
Bitcoin Stops Short of Hitting New All-Time High as XRP Resumes Rally
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On Nov. 24, Bitcoin reached a new 2020 high of $19,442 at 15:04 UTC on the Bitstamp exchange, coming awfully close to the lifetime peak of $19,666.         

BTCUSD
Image by tradingview.com

It took the flagship cryptocurrency almost three to defy its countless naysayers and breach the $19,000 level once again after enduring a 84 drawdown during the 2018 bear market.       

Bitfinex and Tether CTO Paolo Ardoino told U.Today that the recent rally was a testament to Bitcoin's growing momentum as an established asset class:        

"Crypto markets have seen volatility over the past 24-hours. As volumes on Bitfinex exceed US$1B, the rally in cryptocurrencies appears poised to continue. Bitcoin’s path towards acceptance as an established asset class is gathering momentum."

The XRP rally rages on   

The crypto king is among very few cryptocurrencies that have managed to rebound after the late 2017 bubble popped. Ethereum, the second-largest cryptocurrency, is still down over 57 percent despite vastly outperforming Bitcoin this year.

XRP is down 78 percent from its all-time high even after its triple-digit rally that took place over the past few days. After paring some of its most recent gains, the cryptocurrency has resumed its uptrend, currently changing hands at almost $0.74. 

Bloomberg's Joe Weisenthal has tweeted that retail investors FOMOing into altcoins prevents Bitcoin from going further:     

"I think Bitcoin would have gone further already if the industry weren't riven with craven opportunists who push alts on the retail public every time the number goes up. But the cycle is what it is."        

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Bitcoin decouples from gold  

Meanwhile, spot gold dipped below the $1,800 level, spending another day in the red. The correlation between the yellow metal and Bitcoin continues as major investors in the likes of hedge fund legend Stanley Druckenmiller now show preference to the latter.  

Bitcoin gold
Image by @Cryptotyrion

The Dow Jones Industrial Average (DJIA), one of the leading U.S. stock markets indexes, updated its all-time high, having surpassed 30,000 basis points for the first time. Meanwhile, the market cap of S&P 500 newcomer Tesla breached the $500 billion threshold.   

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.