Monday Markets: Bitcoin at $28k, Ethereum at $700

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Good morning. The price of Bitcoin did not budge despite the pronouncements from the U.S. SEC about Ripple. If anything, it even skyrocketed to levels we haven’t seen, reaching as high as $28,000. The same goes for Ethereum and, by extension, the DeFi tokens.

Welcome to Monday Markets, part of our new series: BitPinas Daily. We took a break during holidays, but today, we will look again at the price of Bitcoin, Ethereum and the major cryptocurrencies. Crypto is global, but sometimes news that matters happens while we sleep. So we bring to you what’s happening in our space here and abroad. 

Market Price as of December 28, 2020:

Bitcoin$26,423-0.2%
Ethereum$71411.4%
Tether$1.02-0.2%
XRP$0.28-2.4%
Litecoin$132.261.5%
SLP$0.021-8.4%


Bitcoin closed December 27, 2020, at $26,423 per BTC. We’re up 14% in the last 7 days and 274% since the year began. This figure is 4% below the previous all-time high of 28,335.71 which was hit on Dec. 27, 2020.

Bitcoin’s market capitalization stands today at $500,714,715,763 which is 68.27% of the entire cryptocurrency market.

On the table above, there’s the cryptocurrency SLP. If you wonder what that is, check out this article: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.

Bitcoin

Bitcoin tops $28k for the first time, hours after crossing $27k

After hitting $20,000, Bitcoin went to leave a string of broken records in its wake by hitting one record after the other. Notably, it hit $28,000 just a few hours after breaching past $27,000.

Most notably, the dominant cryptocurrency’s market cap is now $500 billion or half a trillion dollars. 

“Still, there are those who think BTC is just getting started. Scaramucci has said he believes BTC is in the “early innings” and Saturday afternoon, crypto venture capitalist/bitcoin evangelist Tim Draper tweeted that the price of the leading cryptocurrency could rise ten-fold by the end of 2022.” (Kevin Reynolds, Coindesk)

S&P 500

S&P 500 companies will hold bitcoin by end of 2021, majority of The Block’s Outlook Survey respondents say

Out of the 106 participants in the survey, 51.4% said between five and nine S&P 500 companies will have bitcoin on their balance sheets by the end of 2021. About 16% were more optimistic, saying 10 or more companies will hold bitcoin. (MK Manoylov, The Block)

Ethereum

Ethereum spikes 13% to $711, highest price since 2018

Ethereum’s market cap is now $79.8 billion. Much attention was given to Ethereum this past summer when it cocooned a 15 billion dollar industry, decentralized finance. The term refers to non-custodial lending protocols, exchanges, and synthetic assets. (Robert Stevens, Decrypt)

Ripple

Ripple Effect

  • B2C2 stops XRP trading with U.S. Clients: Reports (Matthew Di Salvo, Decrypt)
  • Bitstamp to halt XRP trading (Kevin Reynolds, Coindesk)
  • Coinbase, other big exchanges ‘between rock and a hard place’ on delisting XRP (Nikhileah De, Coindesk)
  • OSL, a large OTC desk in Asia catering to institutions and high net worth clients is also delisting XRP (OSL)

#CryptoPH

Axie Infinity’s Ronin sidechain now on public testnet

You can heck out article about Ronin here.

Finally, I’m just gonna leave this here:

What else is happening

  • Crypto’s choice: join the financial system or fight it (Frances Coppola, Coindesk)
  • U.S. Treasury, SEC views seen looming large on 2021 crypto outlook (Vildana Hajiri, Bloomberg)
  • PayPal will not acquire crypto custodian BitGo: Report (Yogita Khatri, The Block)

This article is published on BitPinas: Monday Markets: Bitcoin at $28k, Ethereum at $700

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Michael Mislos

A business ad graduate from the Pamantasan ng Lungsod ng Maynila, Mike is the website manager of Bitpinas.com. He is responsible for almost every content you see on the site, from topic/news selection to editing of articles. Mike believes correct information about blockchain and cryptocurrency can empower people to make accurate decisions about the industry, which, in turn, should deter bad actors from taking advantage of crypto & blockchain. [Telegram @mikemislos]

Michael Mislos
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