Read top crypto market events on Bitcoin, Ethereum, Ripple, and Altcoins.
Bitcoin rallied and broke through yesterday, January 5th, to reach a new all-time high at $35,000. It has reached an all-time high on Sunday but went through a correction that saw its prices dip as low as $28,000. But it saw a speedy recovery that saw it surge back up and reach $35,800 as some predicted.
In just a week it has gained by 22%. Similarly, ethereum is also seeing a massive rally as it rides on the bitcoins massive rally. Its price is currently above the $1,100 level, and it has gained by 44% in seven days.
Bitcoin's recent gain came after OCC approved the use of stablecoins and public blockchains for settlement for banks.
Sonny Singh, Bitpay's Chief Commercial Officer, said in an interview with Bloomberg that he believes that the bitcoin could rally up to $45,000 by next month. He also noted that many institutional financial firms with extensive holdings in bitcoins were in it to ride the profit wave and may sell sooner than we think. According to him, he explained, "...All those buyers that bought in, they said 'Oh were into Bitcoin now for a three to five-year time horizon,' which is great, but I think if Bitcoin hits USD 45,000 next month or so, they're going to say, 'Wow, we just made 2x, you know, we don't need that three-year horizon anymore, let's start selling some."
Grayscale Ethereum Trust (ETHE) 's Investors are interested in closing out a trade conceived to profit off the premium value of ETHE shares. And according to a theory by TheTIE CEO Joshua Frank, they will need to buy more Ethereum to do it. Many of the ETHE shares purchased were discounted to market prices by sending borrowed ETH to Grayscale, which investors now must pay back by buying ETH.
This could mean higher ETH prices this week even though the market price of ETHE shares is falling. Most of the institutional investors continue to consider their next moves in the crypto landscape.
Ripple co-founder Jed McCaleb appears to have sold a massive 1.2 billion XRP, which is about $411 million in XRP at the price of $0.34 per coin. His associated wallet still holds 652.1 million XRP — worth approximately $147 million at current prices.
The Ripple architect received a co-founders reward of 9.5 billion XRP when he left Ripple Labs in 2014.
In conclusion, Bitcoin and ethereum continue to rally and move higher on the crypto market index.
