Bitcoin climbs above 38,000 US dollars and XRP celebrates „resurrection
While Bitcoin’s flight to the top continues, XRP manages to fight its way back with a whopping 55% daily gain.
Bitcoin (BTC) continued its „trend“ of daily new record highs today, 7 January, as bulls pushed the market-leading
- cryptocurrency above US$38,000.
- Market visualisation from Coin360Bitcoin climbs above US$38,500
As data from Cointelegraph Markets, Coin360 and TradingView shows, Bitcoin has taken another big step towards the psychologically important US$40,000 mark.
Today, Thursday, the price continued to advance at a Bitcoin Formula rapid pace, with a daily gain of 11.5% on the tableau. A week ago, Bitcoin was still at 28,000 US dollars.
As Cointelegraph had reported, the market-leading cryptocurrency, along with Ether (ETH) and several other altcoins, is the best performing financial product so far in 2021, with even the successful Tesla stock paling in comparison.
The carmaker’s security (TSLA) was the strongest investment product in 2020 since the outbreak of the Corona crisis. Bitcoin, however, was not only beaten by Tesla stock last year, but also by Ether.
„The next downturn will be painful for all panic buyers,“ as Cointelegraph Markets analyst Michaël van de Poppe is now warning his followers on Twitter, however, after Bitcoin climbed as high as US$38,510 in the interim-
Resurgence of XRP
In the midst of the altcoins, the cryptocurrency XRP, which had been „pronounced dead“, is also coming back to life.
The fourth-largest cryptocurrency recently lost heavily after the US regulator SEC filed a lawsuit against issuer Ripple. This week, however, XRP was able to rise like a phoenix from the ashes, with the price climbing from US$0.23 back to US$0.35 in just one day today.
The 0.35 US dollar mark is becoming the new decisive mark, so to speak, according to van de Poppe. According to him, it is important to hold this mark and improve it further in order not to lose the new gains again directly.
„XRP has to overcome this important resistance area in order to continue moving upwards. If it fails to do so, it will at least need a sideways movement,“ as the expert writes.