While Bitcoin’s soaring continues, XRP is able to fight its way back with a whopping 55% daily gain.
Bitcoin (BTC) continued its „trend“ of daily new record highs today, January 7, as bulls pushed the market-leading cryptocurrency above $38,000.
Bitcoin climbs above US$38,500
As data from Cointelegraph Markets, Coin360 and TradingView shows, Bitcoin has taken another big step on its way to the psychologically important US$40,000 mark.
Today, Thursday, the price continued to advance at a rapid pace in the process, as a daily gain of 11.5% is on the tableau. A week ago, Bitcoin was still at 28,000 US dollars.
As Cointelegraph had reported, the market-leading cryptocurrency, along with Ether (ETH) and several other altcoins, is the best performing financial product so far in 2021, with even the successful Tesla stock paling in comparison.
The automaker’s security (TSLA) was the strongest performing investment product in 2020 since the Corona crisis erupted. Bitcoin, however, was not only beaten by Tesla stock last year, but also by Ether.
„The next downturn will be painful for all panic buyers,“ as Cointelegraph Markets analyst Michaël van de Poppe is now warning his followers on Twitter, however, after Bitcoin climbed as high as $38,510 in the interim-
Resurgence of XRP
Meanwhile, in the midst of the altcoins, the cryptocurrency XRP, which had been „declared dead“, is also reviving.
The fourth-largest cryptocurrency recently lost heavily after the U.S. regulator SEC filed a lawsuit against issuer Ripple. This week, however, XRP was able to rise like a phoenix from the ashes by climbing from $0.23 back to $0.35 in just one day today.
The 0.35 US dollar mark becomes as it were the new crucial mark, as van de Poppe means. According to him, it is important to hold this mark and improve it further in order not to lose the new gains right away.
„XRP needs to overcome this important resistance area in order to move further up. If that should not succeed, it needs at least a sideways movement,“ as the expert writes.