On Thursday, January 7, 2021, when bulls brought the largest cryptocurrency beyond $38,000, Bitcoin resumed its habit of reaching all-time highs nearly every day.
BTC/USD was followed by data from Cointelegraph Markets, Coin360 and TradingView as it eliminated another barrier on the path to the psychologically important $40,000 milestone. Gains had accelerated on Thursday, with Bitcoin holders seeing 11.5 percent in 24-hour returns . Bitcoin traded at $28,000 at the start of the year just a week ago.
The biggest cryptocurrency, together with Ether and a handful of other altcoins, has become the best investment play of 2021, as Cointelegraph reported, leaving even Tesla stock far behind. Since the coronavirus crash in March, $TSLA has been the winning punt of 2020, with Bitcoin also being beaten by Ether.
“The next correction is absolutely going to be painful for all the #FOMO buyers,” Cointelegraph Markets analyst Michaël van de Poppe warned Twitter followers as Bitcoin reached another new $38,510 record high.
Meanwhile, a curious renaissance for the embattled number four XRP cryptocurrency took place in altcoins. XRP saw a sudden rebirth this week, rising from $0.23 to $0.35 in a single day, after having previously lost a substantial amount of its value due to legal problems at major stakeholder Ripple.
As cointelegraph.com reported, For Van de Poppe, $0.35 now represented the level of make-or-break for bulls to hold to continue their earnings, despite no actual movement in the legal proceedings. “XRP needs to crack this significant resistance zone to be able to continue the upward push. If that doesn’t occur, more consolidation is required,” he commented.