Read top crypto market events on Bitcoin, Ethereum, Ripple, and Altcoins.
Dan Morehead, CEO of leading digital asset investor Pantera Capital, shared a chart on Twitter which showed the “implied” purchases of BTC via ItBit. ItBit is PayPal’s crypto exchange partner for retail integration.
According to the analysis by Morehead, there is more demand for bitcoin through Paypal than what is currently being mined.
A previous report from Pantera had found that Bitcoin’s demand trends are truly shifting in a positive direction.
According to analysts, the price of Bitcoin is likely to keep increasing as buyers like Grayscale and possibly even Wall Street continue to absorb the decreasing supply of BTC.
Ethereum reached up to $739, adding up to $39 from the price of $700 the previous day.
The last time this price level was seen is back in May of 2018. The price a year from today has seen an increase of 470.30% from this time last year.
Source: Cryptocompare.
According to crypto analytics firm IntoTheBlock (ITB), out of all ETH addresses with non-zero balances, 93% bought their ETH tokens at a price that is less than the current price of ETH.
There have been comments by analysts on the bullish performance of the cryptocurrency in recent times. Ki-Young Ju, CEO of South Korean blockchain analytics startup CryptoQuant, called ETH “the most undervalued asset in crypto finance”.
Although it hasn't yet reached its all-time high (ATH) price — $1,422.86 there is still hope it will break through next year.
Ripple's major partner in Japan, SBI Group has released a statement through their chief executive, Yoshitaka Kitao on Twitter.
He shared a link that cited an article by a Nomura Research Institute author. The document states that, under the Japanese Funds Settlement Law, XRP is a cryptocurrency asset and not a security.
This is the opposite of what the SEC claims for Ripple's stand in the US. The company also pointed out that it doesn't invest directly in Ripple's crypto tokens but rather in its shares.
The company reminded its readers that ripple still has other useful tech asides from the tokens. Ripple cofounder Jed McCaleb has stopped selling the XRP he has been receiving from Ripple.
The altcoins have continued to perform well, led by Bitcoin which whole above $28,000 and traded at $28,400.
Ethereum saw the most increase as it rallied from it's downturn to surge by almost 15%. Chain link traded at $12.5.
Source: Cryptocompare.
Bitcoin Cash (4%), Binance Coin (3.5%), Polkadot (4.5%), Cardano (2.25%) are also in the green.
Litecoin and Ripple lost value the most. LTC (-3%) struggled at $130, while XRP (-5%) decreased to $0.28.
The outlook has been very positive for the cryptocurrencies. Led by Bitcoin, most other cryptos have continued to perform well on the market.
