- Bitcoin broke its all-time high price.
- Altcoins like Ethereum and XRP are also getting a significant boost.
- ETH is up 10% while Ripple’s XRP is up 8%. Both have annual highs.
When is bitcoin strapped to a missile ship on Course to the moonit could bridge a few other crypto assets with it.
Ethereum and XRP, the second and third largest cryptocurrencies by market capitalization, have activated on the advance of Bitcoin and are also recording significant growth with annual highs and record volumes.
Ethereum price and ETH 2.0 expectations
While Bitcoin is making history by surpassing its all-time high today, Ethereum is poised to launch its long-awaited ETH 2.0 upgrade that promises to solve a lot of the networking problems.
The upgrade will move the network from a proof-of-work consensus mechanism (similar to Bitcoin) to a proof-of-stake blockchain. It’s all part of a plan to make the network scalable, efficient, and eventually support hundreds of thousands of transactions per second. This is an important step for the future of the ecosystem built on Ethereum: for example smart contracts, Dapps and DeFi projects (decentralized finance).
Crypto traders are fully aware of this Calls and anticipate the action.
The price of ETH reached an annual high of USD 623 last week. While it fell significantly at around the same time Bitcoin was losing nearly $ 3,000 to its price, it has risen again today: a 10% jump in the past 24 hours and a trade for around $ 605.
In addition, the rate at which the price of ETH has increased has been accelerating recently. You can think of the slope in the price charts like a speedometer in a car: the flatter the angle, the slower the speed.
Prices rose slowly as early as March; The trend angle at ETH was 8 °. At such a rate, there is very little risk of an “accident” on the trade route. In November, however, traders stepped on the gas and increased the angle to about 33 ° (or four times faster than in March).
And in the last three days, as the ETH 2.0 approaches, this angle is almost 75 °. Too fast, too wild?
XRP numbers increase. Bitcoin effect or DeFi hype?
In order not to be outdone, Ripple’s XRP is also on the way up again. In fact, XRP has gone from being one of the worst performing crypto assets in 2018 and 2019 to one of the best altcoin investments a trader could have made in 2020.
Last week, the price of the token rose from $ 0.32 to $ 0.46 in a 24-hour period.
It has only risen since then, recovering from a correction that coincided with Bitcoin’s November 25 drop, and now stands at $ 0.65. The annual high was $ 0.78 on November 24th.
The increase appears to be mainly due to the “Bitcoin Effect” (i.e. as interest in Bitcoin increases, interest in Altcoins increases, especially important ones like XRP). However, this could also be partly attributed to expectations related to the Spark project. Spark is a platform that offers one Air drops to all Hodlers with at least 10 XRP in their portfolios.
Nothing like the prospect of free money to get people excited about.
Disclaimer of liability
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.