Dec 04, 2020
Following the price booms in the cryptocurrencies, the market has been silent for several days. What will break the silence in the crypto?
If you are a cryptocurrency fan, you might think that cryptocurrencies went for silence for a few days. No shocking price increase, and it is what crypto-fans would like to see. Let’s do some market analysis to determine what the market is waiting for to see.
As you may expect, the first cryptocurrency is Bitcoin. Bitcoin is on the run to the 20k, which is one of the main topics in the social network. Bitcoin reached an all-time high (ATH) price of $19860. It hit $19918 on the day, which it loves- Monday. Now people focus on when Bitcoin will pass $20000. If we speak honestly, no one knows when it will happen, but if we take into account the days which it loves, we can expect that it will probably happen on Monday. These days, Bitcoin is checking out the price level of around $19300. There have been ups and downs around that price. However, it did not overcome this resistance level yet.
Recent days have been eventful for Ethereum. Vitalik Buterin announced the launch of the Beacon Chain phase of Ethereum 2.0. Vitalik posted the roadmap on his Twitter account to show the community the progress of the project. Price increase followed this event, which is one of the phases for Ethereum 2.0. Ethereum recorded the best gains in two years during the week. Currently, the price is moving at around $600. Also, Ethereum serves as the platform for DeFi projects in which the total value locked is on the increasing trend.
Ripple (XRP) is one of the promising cryptocurrencies which doubled the price in the last week of November. XRP will launch the Spark airdrop program on 12 December, and it probably will affect the price. Currently, XRP worth about $0.60.
Polkadot can be the alternative for Ethereum. In contrast to Ethereum, it provides different blockchains for different projects, and here you can connect chains. It can be the next Ethereum. Polkadot showed a surge in price recently.
Cryptocurrencies continue to attract attention from the crowd. It is worth to wait for the next massive events that will happen soon.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.