Despite what many in the crypto community may think, Ethereum (ETH) refused to be overshadowed by Bitcoin, and today the crypto traded above $ 1,200 approaching its all-time high.
ETH heading to exceed its all-time high
Just 3 days ago, the price of ETH conquered $ 900, surpassing levels that the crypto community has not seen since 2018.
Today, January 6, the crypto managed to hit $ 1,207 after a 10.5% increase over the last 24 hours, according to data from CoinMarketCap.
The interesting thing is that according to The Block, the only time ETH closed above this threshold with a bullish daily candle was in January 2018. The difference is the sentiment that exists between the crypto community and investors.
In fact, the rally that has propelled ETH closer to its all-time high has also positioned crypto along with Bitcoin among the TOP 100 of the most important assets according to market capitalization.
What will happen to the price of crypto? Traders remain cautious so a pullback could be expected.
A crypto attempt to save XRP
As we have previously reported in CryptoTrend, XRP, Ripple’s crypto, is in serious trouble following the SEC’s lawsuit.
In this sense, the crypto community that supports crypto has come together with the aim of requesting the United States government to consider XRP as a currency.
In fact, more than 35,000 people have already signed the petition online. “The Securities and Exchange Commission is tasked with protecting investors in US securities. However, it has filed frivolous action claiming that the cryptocurrency, XRP, which has already been considered a currency by FinCEN, is a security, ”the petition reads.
Stellar (XLM) seems to profit from what happens with XRP
While XRP struggles to stay afloat, the price of Stellar’s XLM has seen an incredible surge in the last 24 hours, according to CoinMarketCap.
To be more specific, the crypto has seen an increase of 58% during the last 24 hours and 135.62% during the last 7 days.
Bitpay’s CCO reminds us of the risk of the presence of institutional investors in the crypto market
During an interview with Bloomberg, Sonny Singh, Bitpay’s CCO, explained that many institutional investors entered the market when Bitcoin was valued at $ 20,000. Therefore, that would be, according to him, the minimum to which the crypto could fall.
Nonetheless, Singh argued that if Bitcoin continues to rise as it has so far, hitting $ 45,000, many institutional investors could see it as an exit point to collect profits.
Consequently, if large investors start selling, it will create a selling pressure that the crypto market has never experienced before.
“That could cause a catapult event to start things down pretty quickly … I think the floor would be $ 20,000,” he explained.
In a few lines …
Ripple co-founder Jed McCaleb has sold more than $ 400 million worth of XRP crypto over the past 12 months, according to Whale Alert. FCA ban on crypto-based products for UK retail investors goes into effect today. Don’t trade! The best strategy is to keep your money in Bitcoin, says Scott Melker.
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