Two of the top stories in the crypto market today headlines the price surges of Bitcoin (BTC) and Ripple (XRP).
The buzz around the crypto market circled around Bitcoin and its recent ascent to over $19,000 in the early hours of Tuesday. This marks the first time in three years that the grandaddy of all cryptos comes on at such a price tag and seems to be in mere moments from eclipsing its all-time high as of writing.
BTC certainly has the momentum to obliterate its 2017 apex. Evidence shows that whales are continuing to “hodle” and even accumulating more of the top crypto.
“Bubbles indicate prices at which whales have purchased BTC that they are currently holding. Bubbles also visualise support levels,” on-chain analytics company, Whalemap, tweeted last week.
The trading volume of Bitcoin over at Binance are at record-breaking highs as well. And open interest in futures is at its peak of $1.1 billion. And it all comes as Bitcoin continues to soar higher. The Wall Street Journal even took notice of Bitcoin’s bullish momentum and was topical enough to make it on its home page.
But at the same time, trading Bitcoin amid its blistering November warrants some caution. The price action it shows right now is due for a correction — at least from a technical standpoint, but it may take place after a push above ATH.
XRP is the other crypto making headlines as it rose to its two-year high of $0.78 at midnight before slipping to $0.56684 a few hours later. What’s surprising is that the third-best crypto by market cap was only trading at about $0.30 on Friday when it suddenly doubled a few days later.
Some attribute the recent spike of Ripple’s price to new account activations on the XRP ledger, which hit a record high of 5,562, according to XRP scan. Another factor is the new projects of Ripple that are underway, including a partnership with Bank of America and a regional headquarter in Dubai.