Bitcoin and other significant cryptocurrencies can no longer be ignored. Bitcoin broke $28,000 per coin on December 26th. Cryptos are becoming increasingly more utile. Moving money, online purchases, even pulling cash from crypto-friendly ATMs, are becoming more commonplace. Heck, most online gaming platforms (casinos) and sportsbooks like Bovada prefer cryptos for the speed of transactions and inherent security due to each coin’s respective blockchain network.
On late Saturday or Sunday morning, depending on where you are, there were well over 200 thousand tweets about bitcoin; Google search is also at an all-time high, with Google Trends showing a search volume of 96 (out of 100).
The point is people like Warren Buffet can no longer scoff at Bitcoin and the power of cryptos. Even if they still don’t understand, it’s impossible to argue with the results.
BTC AT ALL TIME HIGH
The granddaddy of all cryptos marched past 27K per coin over Christmas weekend and then briefly punched over 28K before settling in the 27,000 range. This marks the main cryptos highest point and proves right many of us saying all summer that the coin would hit an all-time high in December.
$29k is the next victim. pic.twitter.com/QISTVaK8GG
— Bitcoin Magazine (@BitcoinMagazine) December 30, 2020
Now, I still think the coin will stabilize under 20k as we move through the winter months into spring. But even if the price settles down in the coming months, this new high brings renewed faith in the king of cryptos, and those 100k per coin prices that some experts way will come in the near future may not be so far fetched.
Let’s put it into perspective.
BTC’s market cap now exceeds that of VISA. At the end of December, Bitcoin’s market capitalization crossed the 510 billion dollar mark. That’s a half-trillion dollars! But how many BTC are currently circulating?
There are roughly 18,582,450 Bitcoins, and BTC saw a global trade volume of more than twenty-one billion dollars between Saturday and Sunday. Now, at the time of writing this, late in the evening on December 28th, BTC is up 18.29 percent over the last week.
THE SEC FILED AGAINST XRP
Does this mean that we should dump our Ripple coins for fear of a mass exodus as the third-largest cryptocurrency (by market share) loses support?
Ripple Labs allegedly sold 1.3 billion in unregistered securities. This is funny in some aspects. Ripple was the crypto that centralized banking was backing. Now it’s the biggest crypto fish that the SEC is trying to fry.
On the heels of this, XRP has plummeted more than 40% in per-unit value. Beyond that, various exchanges have decided to suspend XRP trading:
- Cross Tower
Coinbase is the latest exchange to halt Ripple trades. That said, I was a bit late to this news, and Coinbase still converted my XRP to Stellar Lumens on the evening of December 28th. So, it looks like you still have a couple of days to get out from under your XRP if you wish.
XRP’s CEO adamantly claims these allegations are false.“The SEC is fundamentally wrong as a matter of law and fact.” – Brad Garlinghouse. He went on to state that Ripple is not an investment or contract, so it shouldn’t have to register with the SEC to sell. After all, it’s a currency, and you don’t register to trade currencies. As an entity, Ripple Labs stated, “We are right and will aggressively fight and win this battle in the courts to get clear rules of the road for the entire industry in the U.S.”
As I mentioned above, XRP has grown into the third most significant crypto on the market. It will be interesting to watch exactly what happens with this SEC case and how this impacts other altcoins.
I can’t help to see an opportunity here for small-time traders. If this drags on and XRP trading continues to be suspended at major exchanges, we could see prices fall all the back down to a few cents again. Savvy people could hop on board in a big way if it looks like Ripple Labs will win and turn massive profits as faith in XRP is renewed and the price steadily climbs once more.