As Bitcoin continues its ascent, reaching $18,000 for the first time since 2017, Ethereum and XRP are closely watching to see if they will also break out.
Bitcoin’s Bull Run
After a tumultuous year marked by the ongoing COVID-19 pandemic and economic uncertainty, Bitcoin has seen a surge in interest and adoption. The world’s largest cryptocurrency by market capitalization reached a new all-time high of $18,000 on December 12, surpassing its previous record set in December 2017.
Many experts attribute this surge to increased institutional investment, as well as growing interest from retail investors. The recent addition of PayPal to the list of companies allowing customers to buy and sell Bitcoin has also contributed to the demand for the digital asset.
Ethereum and XRP Await Their Turn
As Bitcoin continues to dominate headlines, Ethereum and XRP are watching closely to see if they will also experience a similar surge in value. Both cryptocurrencies have seen steady growth in recent months, but have yet to reach all-time highs.
Ethereum, the second-largest cryptocurrency by market capitalization, has been gaining traction as a platform for decentralized finance (DeFi) applications. The growing popularity of DeFi, which allows users to access financial services without the need for traditional intermediaries, has helped drive demand for Ethereum.
XRP, on the other hand, has struggled to gain the same level of mainstream adoption as Bitcoin and Ethereum. Despite this, the digital asset, which was developed by fintech company Ripple, remains popular among some investors and has seen steady growth in recent months.
Will Ethereum and XRP Break Out?
Only time will tell if Ethereum and XRP will follow in Bitcoin’s footsteps and break out to new all-time highs. However, with increased institutional adoption and growing interest from retail investors, it is likely that both cryptocurrencies will continue to see steady growth in the coming months.