The $ 20,000 hope is reborn after the $ 12,000 hope has materialized. The markets are green thanks to PayPal.
We are entitled to new records, Bitcoin (BTC) has actually climbed much higher than the 12,000 USD. PayPal feeds Bitcoin, but it also benefits from the latter’s mass gain.
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It’s ATH day!
Bitcoin crosses the $ 12,800 mark today, October 21, 2020. The BTC recorded a new ATH over 14 months. Can we now hope for a rally towards USD 17,000?
Bitcoin is trading at $ 12,742 as of this writing. It records a daily increase of over 6.30%.
The volume of on-chain transactions reached 4 million BTC – 22% of the total supply in circulation – within 24 hours while Bitcoin crossed the $ 12,000 mark.
Data from Glassnode show that today’s rise is accompanied by an ATH in the number of addresses BTC with a non-zero balance and hodulating 0.01 BTC.
PayPal and Bitcoin support each other
Bitcoin rises above 12,000 USD while PayPal announces today the imminent possibility for its users to buy and hold Bitcoin, of Bitcoin Cash (BCH), of Litecoin (LTC) andEther (ETH). PayPal has formed a partnership with Paxos Trust Company.
Actions of PayPal also surged in the financial markets, a rise of 3%, one of the largest on the S&P 500.
The market cap of Bitcoin could very well soon exceed that of PayPal. BTC is currently in 22nd position in terms of market capitalization in the top 100 of assets, ETFs and cryptocurrencies. PayPal is placed just in front of the BTC, in 21st position.
Bullish sentiment has taken hold in the markets, with a LTC which recorded a nice increase of 11.1%.
Will there be any confirmation of a bull run that will take BTC towards $ 17,000 tomorrow? All that’s missing is “good bad news for the dollar” to pump the bulls up: they love to graze on the greenback before running. Bulls must now detonate the daily RSI (14) – we are close to 80 – indicating a strongly overbought Bitcoin. This explosion would show that the current structure of the markets is breaking away from its “normal” configuration: in short, it would be the bull run and that is not usual.
Litecoin, welcome in the Silver Age