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Technical analysis
Bitcoin makes new highs as it reaches $40k all-time high. XRP price soars 55% as it rises from a crucial level. Cryptocurrencies' total market cap nears $1 trillion.
in Technical analysis
Reading Time: 5min read

The price of Bitcoin reached $40,000 for the first time in history. It's been an amazing year for cryptos so far, with Bitcoin making new highs, and it doesn't look like it will stop anytime soon. With the cryptocurrencies making various achievements already this year, it looks like the bull run is going to run for a lot longer than expected. 

As Cointelegraph reported, Bitcoin’s NVT ratio led signals suggesting that the bull run was far from over, and likely only beginning.

Michaël van de Poppe, a Cointelegraph Market analyst suggested that:

"Markets are doing great and the bull cycle is starting up nicely here. That means that the market will probably continue running heavily this coming year. With the standard 20-30% corrections, be prepared, they occur and they are opportunities."

The CEO and founder of Digital Currency Group tweeted that 

"Funny to think that a Bitcoin price retrace to $20,000 would feel like the buying opportunity of a lifetime"

Now that the price of Bitcoin is way past the $20k mark, it's most likely that the area can be used as support if the price gets there in the future. This can be a one-time opportunity for people in the future because the price could skyrocket to over $100,000 if that happens. 

XRP's price on the other hand saw a sudden surge today as the price moved from $0.24 to $0.36 during the trading hours of the day. It appears Ripple is performing alongside other cryptos despite the lawsuit the firm is facing from the SEC. 

The cryptocurrency market cap nears $1 Trillion in total as it currently sits at $909 Billion. With the price of Bitcoin and other cryptos skyrocketing in the new year, the future of cryptocurrency is looking bright as investors are looking to invest more in the digital currency.  

Featured Image from Shutterstock Price

Tobi Ismail

Tobi is a full time day/swing trader with 3 years’ experience in the currency and commodity market. He is interested in cryptocurrencies in combination to the current financial system. Tobi holds a bachelor's degree in Agriculture.

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