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20 January 2021

Crypto Market Analysis: 7th December 2020

Crypto Market Analysis: 7th December 2020


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In the crypto space, there was markedly more movement, with bitcoin hitting a new all-time high on a number of exchanges.

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.

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.

Sentiment towards the cryptoasset clearly remains positive, as many investors recognise the disparity between the current price and the token’s all-time high.

The proportion of XRP is also catching up with bitcoin, making up 72% of the total trading volume of bitcoin on eToro in November.

I believe that XRP, along with Stellar, seems a little high right now.

Somewhat overshadowed by the bitcoin price run, but in many ways more significant, was the successful launch of the Ethereum 2.0 Beacon Chain.

Ethereum has clearly been a standout performer price-wise this year, but its prospects are also positive in the long term.

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