In the latest rally, Bitcoin achieved $13,200, the highest position of the year. Most altcoins have performed similarly and have sent market cap to near $400 billion.
The fresh rally above $13k is due to disruptive news on the part of payment giant PayPal. Following the world’s leading digital asset, altcoins have also acted as bullish agents and have added $23 billion in market cap.
PayPal’s Entry in Crypto Space
According to crypto experts, it is the biggest news of the market that a giant payment processor announced to buy, sell, and hold digital assets, and the services will be functional by the start of 2021. First, the US customers will enjoy the crypto services of PayPal, and then these facilities will be available to the customers of other regions.
Soon after Reuters broker out the news of PayPal’s entry in crypto space, the Bitcoin buyers reacted by buying more and more the top digital asset in anticipation of a large bullish rally. The previous high of the year was standing $12,500, but Bitcoin not only exceeded that level, but it even jumped above $13k and reached $13,200 on cryptocurrency exchange Bitstamp.
After reaching $13k, crypto analysts expect it to reach $14,000, but it did not happen. However, it did not disappoint crypto traders and investors, and it has put fresh bullish sentiments among the crypto market’s participants. Since October, the price value has submitted an addition of $2,000. Currently, the top digital asset is exchanging hands at $12,795 after an increase of 5.11% over the last 24-hours.
The financial market data shows that assets in the traditional markets are decoupled in performance from the top crypto asset. For instance, when Bitcoin was surging yesterday, three leading US-based stock indexes registered negative performance in yesterday’s trading session.
Following primary cryptocurrency, altcoins also surged yesterday adding enough injection of investment in total market cap. Ethereum, the second-largest coin by market cap, also touched $400. But following BItcoin, Ethereum also plunged slightly and is currently trading at $395. Similarly, XRP is exchanging hands at $0.25 after surging by 4.3% over the last 24-hours.