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Bitcoin was close to $ 16,000 at press time, having gained nearly 12% in a 24-hour period.
What happened: The cryptocurrency at the top was well above the psychological level of $ 15,000 with almost every top altcoin following its lead.
“Bitcoin is above the psychological threshold of $ 15,000 today on strong positive momentum, having eliminated resistance from 2019,” Katie Stockton, technical analyst at Fairlead Strategies, told CoinDesk.
Ethereum (ETH) was up 7.23% at press time, while Chainlink (LINK) and Litecoin (LTC) gained 8.43% and 12.28%, respectively.
XRP was 5.69% higher and Bitcoin Cash (BCH) 5.02% higher at press time.
Ethereum outperformed Bitcoin in terms of year-to-date yields up 235.59% for the period, while Bitcoin was up 119.27%.
John Willock, CEO of Tritum, told CoinDesk that while ETH has similar qualities to BTC, it also has the “added value of utility with the network it powers”.
“With the long-awaited and upcoming proof-of-stake ETH 2.0 update, from an investment perspective, it will become a productive tool that has a much wider appeal,” Willock said.
Because matter: Bitcoin is seen as an asset that can counter the impact of government spending and has emerged as a bet against uncertain times, CoinDesk noted.
“The US will hit the spend button again no matter who wins the White House,” analyst Henrik Kugelberg told CoinDesk.
Guy Hirsch, chief executive of multi-asset brokerage eToro, told CoinDesk that the macroeconomic situation in the US and elsewhere is “much more uncertain” due to growing concerns about COVID-19.
“All in all, it looks like a perfect storm for retail [bitcoin] the adoption that is coming at the very beginning of an expected wave of institutional capital, ”Hirsch said.
This month, PayPal Holdings Inc (NASDAQ: PYPL) CEO Daniel Schulman told the company’s third quarter earnings that his entry into the cryptocurrency space it was “just the beginning of the opportunities”.
Price action: As of press time, Bitcoin gained 11.81% at $ 15,808.40, Ethereum was trading 7.23% at $ 433.32, XRP gained 5.69% at $ 0.24, while Litecoin was up 12.28% to $ 61.44. Bitcoin Cash and Chainlink were up 5.02% and 8.43% to $ 255.46 and $ 11.39, respectively.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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