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Dip-buying bulls push Bitcoin price to a new all-time high at $36,574

Bitcoin bulls bought the dip and produced enough momentum to send BTC price to a new all-time high above $36,500. 1232 Total views 6 Total shares Listen to article 1:46

Dip-buying bulls push Bitcoin price to a new all-time high at $36,574

Bitcoin’s (BTC) parabolic rally intensified on Wednesday, as the price broke above $36,000 for the first time, sending a strong signal that the bull market still has further room to grow.

The flagship cryptocurrency peaked at $36,574.47 on Bitstamp, easily surpassing its previous all-time high. The price has gained 8% on the day and more than 25% over the past week.

At press time, Bitcoin was trading at $36,367.

BTC/USD daily chart. Source: TradingView

At the current value, Bitcoin’s market cap has grown to $669.2 billion, accounting for roughly 68.3% of the overall cryptocurrency market.

Bitcoin’s latest breakout defies warnings that the market could be facing overbought resistance in the near future. An overheated futures market and large liquidations from some of Asia’s largest holders raised the possibility of a short-term pullback.

So far, Bitcoin’s digital gold narrative appears to have squashed any semblance of a major pullback as institutions and retail traders buy the dips. As Cointelegraph recently reported, Bitcoin is experiencing a supply shortage as major buyers like Grayscale and PayPal continue to scoop up all of the newly mined BTC.

Bitcoin continues to exert a strong gravitational pull on the broader market, with major altcoins also printing new local highs. Ethereum (ETH) briefly surpassed $1,200 on Wednesday. Litecoin (LTC), XRP, Bitcoin Cash (BCH) and others also saw significant gains. 

Stellar’s XLM Token Rallies to 2-Year High on XRP Woes, OCC Ruling, Ukraine

Jan 6, 2021 at 12:00 p.m. GMTUpdated Jan 6, 2021 at 12:36 p.m. GMT

Omkar Godbole

Stellar’s XLM Token Rallies to 2-Year High on XRP Woes, OCC Ruling, Ukraine

Payments-focused Stellar blockchain’s native cryptocurrency XLM has surged to over two-year highs. One analyst says the rally is driven by rival cryptocurrency XRP’s misfortunes and the U.S. Office of the Comptroller of the Currency’s (OCC) recent guidance on stablecoins.

XLM (+84.57%) changed hands at $0.2990 at 11:00 UTC, the highest level since November 2018. The third-largest cryptocurrency by market capitalization has doubled in value so far this week and has gained more than 50% in the past 24 hours, according to CoinDesk 20 data.

XLM’s weekly chart

Trading volumes have picked up, alongside the price rally. “Average volumes captured by the CF Benchmarks’ XLMUSD settlement price has more than doubled in the past 14 days,” Sui Chung, CEO of CF Benchmarks told CoinDesk. Price gains backed by an uptick in volumes are considered sustainable by chart analysts.

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According to Denis Vinokourov, head of research at the London-based prime brokerage Bequant, XLM is enjoying a two-fold benefit at the expense of XRP (+6.32%), in part, because XLM is a modified fork of XRP.

On Dec. 22, the SEC filed a lawsuit against Ripple Labs, Ripple Labs, a San Francisco-based developer of the Ripple payment protocol and exchange network, for raising $1.3 billion over a seven-year period to retail investors through its sale of XRP. Since then, the price of XRP has halved to near $0.20 and the crypto community is speculating that funds are being rotated out of XRP into XLM.

Further, XLM seems to be benefitting from the U.S. OCC’s recent decision to allow U.S. banks to use public blockchains and dollar-backed stablecoins as a settlement infrastructure in the financial system, Vinokourov told CoinDesk in a Telegram chat, while adding that, “XRP is unlikely to benefit from in the meantime as it deals with the SEC case.” In addition, XLM is continuing to rise following Stellar’s announcement earlier this week that it’s helping Ukraine develop a central bank digital currency (CBDC). Even though Ukraine has since downplayed the importance of Stellar’s role and that the XLM coin would play no part in the CBDC, it apparently hasn’t stopped some investors from buying the token.

“It was reported that the Ukrainian government selected the Stellar blockchain network to build its prospective CBDC,” CF Benchmark’s Chung told CoinDesk. “This is turning into a perfect storm for XLM.” 

At press time, XLM is changing hands near $0.2850, and XRP is trading at $0.2290, down 3% on a 24-hour basis. Several cryptocurrency exchanges have delisted XRP since the SEC announced its lawsuit on Ripple. Further, Grayscale Investments has removed XRP from its large-cap crypto fund and and crypto fund manager Bitwise has liquidated its XRP holdings. Grayscale Investments is owned by CoinDesk’s parent company Digital Currency Group

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