Bitcoin Finally Breaks The All-time High As $20,000 Beckons

Markets enjoyed another buoyant week as newsflow around vaccines was positive, with the S&P finishing the week on 3,693. In the UK, the Medicines and Healthcare Regulatory Agency (MHRA) approved the BioNTech/Pfizer vaccine, with rollout set to start this week. The FTSE All Share rose from 3,542 on Tuesday morning to finish the week at 3,702. Sentiment was positive as dire case numbers gave way to a light at the end of the tunnel. 

In the crypto space there was markedly more movement, with bitcoin (BITCOMP) hitting a new all-time high on a number of exchanges. Ethereum (ETH-X) also performed well following the successful start to it’s migration to Ethereum 2.0. Other altcoins followed suit, with XRP (XRP-X), Cardano and Litecoin also strong risers. 

Simon Peters, analyst, eToro

Bitcoin finally breaks the all-time high as $20,000 beckons

Bitcoin has tempted us all with the much-feted $20,000 level. We saw bitcoin hit $19,832, which was an all-time high according to CoinGecko, although it struggled to remain at that level for long. It dropped down to around $18,700 before a climb back up to $19,400. 

If we do see bitcoin break the $20,000 level and, more importantly, hold it, then it is likely that we’ll see it climb to $25,000. There is no doubt that $20,000 remains a barrier, both from a technical perspective and on an ideological level. 

In my view, a steady rise is preferable to a meteoric one. Naturally, investors would like to see the price of bitcoin go as high as possible as quickly as possible, but from an adoption point of view, a slow and steady rise with minimal volatility is probably best. It would help with the case for using bitcoin as a currency, whilst also encouraging more regulators to accept the digital asset. 

David Derhy, analyst, eToro

XRP enjoys both performance and surge in update

Whilst bitcoin made headlines in both crypto-focused publications and the mainstream media, altcoins also exhibited some exceptional performance. The most eye-catching moves continued to come from XRP, which reached $0.679.

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Disclaimer: This article should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been ...

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