WMA: Bitcoin Surges Above $34,000 As Most Altcoins Get a Value Boost
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $869 billion.
- Bitcoin increased by nearly 23% to set a new ATH at $34,608.
- Ethereum increased by nearly 30% to trade above $800.
- XRP continues to bleed heavily after losing more than 25% over the last seven days.
- Most altcoins register substantial value boosts, with Dogecoin leading the way with a 155% increase.
Crypto Trends 28th of December 2020 – 03rd of January 2021: PERFORMANCE & ANALYSIS
The cryptocurrency market started in 2021 with a bang! In only seven days, it boosted its market capitalization by more than $180 billion. A market cap that now stands proudly at nearly $890 billion.
Bitcoin is, unsurprisingly, the talk of the crypto town after surging way above the resistance level at $30,000 and setting a new ATH at little above $34k. The primary cryptocurrency is riding a popularity wave for the past six months after big companies like Square, PayPal, MicroStrategy, GrayScale, and SkyBridge announced their BTC support.
After losing a few points over the weekend, Bitcoin is trading now at around $32,900, but it doesn’t show signs of stopping its spectacular surge. By next Sunday, we might see it rise above the psychological resistance at $35,000.
The second crypto by market cap, Ethereum, is another big winner at the beginning of the New Year. After registering an eye-watering increase of over 47%, Ethereum is now trading at around $939. If it maintains its current trajectory, Ethereum should surpass $1000 in no time. Otherwise, we should see it drop towards the nearest support level at $890.
One of the latest and most disappointing underperformers of the crypto space is Ripple’s XRP. The coin keeps bleeding heavily after the Securities and Exchange Commission (SEC) charged Ripple and two executives with conducting $1.3 billion worth of unregistered securities offerings.
XRP is trading now at around $0.223 after a 25% drop in the last week. The future doesn’t look bright for Ripple and its native coin. Soon, it will most likely lose the 4th position in the market cap table to Litecoin, which is less than $100 million away.
Elsewhere, Chainlink is smiling after increasing by nearly 15% over the last seven days. Polkadot increased by 75%, and the meme crypto, Dogecoin, registered a 155% value boost.
What’s in the News?
- MicroStrategy’s stocks have increased by roughly 200% after the company announced the first Bitcoin purchase in the summer of 2020.
- XRP supporters have filed a petition to the White House to force the Presidential Administration to declare Ripple’s token a currency.
- Indian authorities have arrested a 60-year-old greetings maker for scamming about 45 people in investing over $350,000 in a fraudulent cryptocurrency scheme.
Next Week’s Market Forecast
The next week should see the cryptocurrency market still standing in the spotlight of financial talks everywhere. As Bitcoin is setting one all-time high record after another, it is safe to say that this surge will not end as disappointingly as the 2017 bubble crash did.
Another sign of the crypto market cementing into a reliable financial sector is the constant rise of other crypto assets. The last few weeks have seen altcoins like Ethereum, Chainlink, and Litecoin excelling and reaching new market cap heights.