Bitcoin (BTC) Reclaims $24,000 While Ethereum (ETH) Soars Above $620 In Marketwide Recovery

It’s Christmas time and the crypto Santa is finally here! The cryptocurrency market has made a sharp recovery after Thursday’s correction. A t press time, the overall crypto market cap is 4.3% soaring past $650 levels.

Bitcoin (BTC) reclaims the crucial $24,000 levels and is on its way to move past its all-time high and above $25,000. As BTC currently flirts around $24,000 levels, massive OTC deals continue on Coinbase. Institutional Bitcoin buying has been going very strong in Q4 2020 and it doesn’t seem to be stopping anytime soon.

On-chain metrics show that there have been massive outflows of Bitcoins with most of their going to cold storage. The BTC supply shortage is getting serious and shorting at this time won’t be a good idea certainly.

The Altcoin Space Recovers Strongly, ETH Jumps Past $620

After slipping below its crucial support levels of $600 on Thursday, Ethereum (ETH) has made a speedy and strong recovery and is 6.59% up today. At press time, ETH is trading at a price of $621 with a market cap of $71 billion. If ETH manages to give a daily and hourly close above $603 the next target in line would be $700.

While Bitcoin (BTC) is the big giant, Ethereum (ETH) has outperformed BTC in 2020 in terms of percentage returns. The Ethereum price has surged more than 350% year-to-date while BTC gains stand around 200%. With the Defi wave riding high during summer 2020, ETH remains one of the most traded crypto assets this year. Here’s a list of things where ETH has outperformed and we expect the price to follow soon.

After a major price crash earlier this week, XRP makes a strong comeback surging over 30% in the last 24 hours. At press time, XRP is trading at $0.35 with a market cap of $16 billion. Following all the drama and the SEC lawsuit Ripple investors get some home as a more crypto-friendly SEC chairman Elad Roisman takes charge. SEC Commissioner Hester Pierce congratulated Roisman on Thursday.

However, it’s too early to say anything at this point, and who will win the SEC vs Ripple is a question that hovers around. One of the strong performers over the last week apart from BTC is Litecoin. At press time, LTC is up 11% up trading at $116. Similarly, all other altcoins in top-ten are up 5-10% as of writing this article.

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

Source: Read Full Article