Market Watch: Bitcoin Approaching $17K As Ripple Waking Up After 20% Weekly

Bitcoin marked yet another yearly high and came inches away from touching $17,000. Most alternative coins have joined the party with some impressive double-digit price increases. Even large-cap altcoins such as Ripple, Litecoin, and Polkadot have surged massively.

Bitcoin Peaks At $16,900

Following the remarkable month and a half Bitcoin displayed, it almost seemed like it’s a matter of time before the asset paints a new yearly high. The last one came on Friday and BTC calmed after it.

The situation changed rapidly yesterday, perhaps on news that Moderna Therapeutics has developed a COVID-19 vaccine, which is successful in over 94% of the trial cases.

Bitcoin’s price development wasn’t a pump and dump like last time when Pfizer announced similar news. This time, the primary cryptocurrency gradually surged to its new highest price tag since January 2018.

BTC traded below $16,000 earlier, where it began its leg up. Fast-forwarding a few hours, and Bitcoin was already knocking at the $16,900 door (on Bitstamp). This level has become the new 2020 high.

Bitcoin has retraced slightly following the peak, but it still trades above $16,700. On a 24-hour scale, this represents a 3% price increase.

 TradingViewBTCUSD. Source: TradingView

Green Dominates The Altcoins

Unlike most previous price jumps initiated by Bitcoin, the alternative coins have followed suit this time. In fact, most of them have even outperformed BTC.

The three most impressive gainers from the top ten, namely Ripple, Litecoin, and Polkadot, have all increased by about 8%. As a result, XRP sits at $0,30, LTC is at $75, while DOT is close to $5.

Ethereum (2.5%), Bitcoin Cash (1.5%), Binance Coin (3%), and Cardano (6%) have also spiked.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Even more impressive price performances are evident from DeFi tokens, as it frequently happens lately. HedgeTrade is the most notable gainer with a 20% surge. Curve DAO Token follows with a 16% increase.

Yearn.Finance (15%), Reserve Rights (12.5%), Aave (11.5%), SushiSwap (11%), and NXM are next.

Overall, the total market capitalization has gained $25 billion from yesterday’s low and $37 billion in a week. The cumulative market cap of all cryptocurrency assets displays $475 billion.

 CoinMarketCapTotal Crypto Market Cap. Source: CoinMarketCap

Publication date: 
11/17/2020 - 11:21

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.