Bitcoin rose strongly just yesterday and is now trading just over $51k. The largest digital currency by market capitalization remained lifeless for most part of the day but it made a move just below press time, putting analysts in a quandry; was a big finish to 2021 still possible during the last week or so?
Also Ripple’s XRP also continued on with its upwards rise and is now above $1 in valuation. XRP is having a bumper last few days as it is recovering strongly at the end of year again.
Bitcoin hovered around $49k level for most part of yesterday. The digital asset had remained entrenched around between a narrow trading range of $46k-$49k for the better part of the last two weeks and refused to budge. Now, with the latest rise above $50k, the curse of this trend has been broken, at least for now. However, the bulls still have tougher questions to answer in the near future as there is further resistance ahead at around $52k, $55k and then at $60k itself. It remains to be seen whether this late rally is going to make a case for a bullish close of the calendar year.
Ripple’s flagship XRP cryptocurrency has posted a strong price appreciation in the last few days, rose from around $0.8 to as high as $1 yesterday. The once 2nd largest digital currency by market capitalization has missed most of the current bull run because of legal issues that were initiated by the US Securities and Exchange Commission (SEC). As such that it is still quite a lot of milestones away from its all time high set at around $3.84 set in January 2018, around four years from now.
As a result, it hasn’t really been able to perform and had remained below $1 during the latest dip in prices. However now, the cryptocurrency is showing a positive outlook going into the end of 2021. Some analysts believe that it can possibly reciprocate the phenomenal rise in the end of 2017 that made it shoot up more than 6 times in value in a matter of days but others are still skeptical it can perform well given its current legal situation. Overall, XRP is becoming a trend in investor circles and we might be in for a late drama here, just like with Bitcoin itself.
Other altcoins were a mixed bag overall with some posting considerable gains like Cardano (ADA, 8.5%), Uniswap (UNI, 14%), Crypto.com Coin (CRO, 10.5%), Chainlink (LINK 8.5%) and Algorand (ALGO, 7%). While it is still too early to predict a late Christmas bull party but if the tokens keep on posting price appreciations like this, we may be in for a big finish.
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