Bitcoin price update: New all-time highs nearing $30,000

Posted: 31 December 2020 1:32 pm
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Bitcoin's bull run is in full swing as new highs are tested daily.

  • Bitcoin sets a new all-time high above $29,000.
  • Value of daily Bitcoin transactions increases near all-time highs.
  • Ripple drops more than two-thirds of its value in only 2 weeks.

Bitcoin's bull run is in full swing, as the cryptocurrency continues to set new all-time highs on an almost daily basis. The daily high for Bitcoin was $29,321 seen on Coinbase, up from the previous day's high of around $28,000. Bitcoin has trended upwards for most of the day with the low being recorded at $26,872. That's a gain of about 7.75% between the two extremes.

Bitcoin's daily transaction value continues to surge with a monthly increase of more than $3.39 billion per day according to TheBlockCrypto. Currently, there is around $7.51 billion worth of daily Bitcoin transactions, up from around $4 billion on average in previous months. Compare this to the bull run of late 2017, when daily transaction value spiked as high as $9.42 billion, falling sharply soon after.

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Ripple's XRP sliding further on filings made by the Securities and Exchange Commission

The price of XRP is at risk of plummeting further as the U.S. Securities and Exchange Commission (SEC) filed a lawsuit claiming that Ripple released $1.3 billion in an unregistered securities offering.

On 24 November XRP was trading at a local high around $0.90 before trending downwards to around $0.57 on 21 December before the announcement about the SEC investigation. Following the news on 22 December, prices plummeted sharply, reaching a low of $0.18 on 30 December. At the time of press, XRP was trading at $0.21, a decline of roughly 66% over the past fortnight.

Several leading exchanges have responded to the SEC's investigation by delisting XRP, eliminating the ability for it to be traded or held in an exchange wallet. Binance's US exchange was the most recent, announcing that it would delist the token on January 13. However, users of Binance's regular exchange are unaffected. It joins the ranks of Coinbase, Crypto.com, Bittrex, OKcoin and a host of others who have announced they will either delist or suspend XRP markets.

Users of these exchanges will want to consider moving any XRP tokens into a personal wallet or risk losing access to them as the SEC lawsuit unfolds.

Interested in cryptocurrency? Learn more about Bitcoin with our beginner's guide to Bitcoin, see how to keep your crypto safe with our review of cryptocurrency wallets and dive deeper with our cryptocurrency learning hub.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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