As the crypto asset market welcomed the new year, Bitcoin broke $ 34k, Ethereum overshadowed $ 1,000, and Litecoin reached $ 170.
While traditional markets were sleeping, Bitcoin welcomed the New Year with a record-breaking rally. The leading crypto reached a series of new peaks by tagging prices just under $ 35,000 on the 12th anniversary of its first block mining.
Rising prices appear to be driven by institutional buying, with $ 1.2 billion of Bitcoin flowing from Coinbase last week.
Meanwhile, the altcoin ranking has been reorganized. When Ethereum exceeded $ 1,000, Litecoin made XRP the fifth largest crypto in terms of market capitalization. This brings more disadvantages to XRP, which has dropped 4% this week as platforms including eToro’s US operation have removed the coin in light of the SEC’s case.
Ethereum gets a four digit price tag
While Bitcoin is now well beyond its all-time high of $ 20,000, Ethereum still hasn’t passed its 2018 high of $ 1,400.
Still, the second largest crypto may now be following in the footsteps of its big brother. Late on Sunday, Ethereum crossed the $ 1,000 mark and completed a week with almost 40% gains. This milestone comes three years after the same price was exceeded in early 2018.
As Ethereum revived, the entire crypto market capitalization also broke the previous record in January 2018, reaching an all-time high of $ 880 billion.
Okung will get his salary with Bitcoin
Bitcoin acceptance peaked last week as NFL player Russell Okung said he would receive half of his $ 13 million salary in Bitcoin.
By accepting the crypto asset as payment, Okung also introduces the asset to a whole new sports fanbase. Its decision also makes it known to Bitcoin among professional athletes. According to reports from CoinDesk, athletes of the two New York baseball and basketball teams are already seeking a similar salary arrangement.
While Bitcoin works wonders, cautious traders are considering the probability of a 30% retracement like those seen in previous bull rallies.
Such a move could drop Bitcoin to $ 24,000, but this could be offset by strong buying pressure from institutional players.
On the front page of the Financial Times this Monday morning, a large blue Bitcoin logo greets readers for the first time, marking another important moment of acceptance for crypto leading among the biggest players in the traditional financial industry.