• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
cryptocurrency trading

Cryptocurrency Prices Rally Towards Double Digit Gains in 2020

Bitcoinist by Bitcoinist
3 years ago
in Sponsored Article, Sponsored stories
0

The cryptocurrency market has started 2020 with a huge bang, expanding by an impressive 23% within the first two weeks of the year. The overall market capitalization of the cryptocurrency market – a measure of the size of the market – has grown from $192 billion at the start of the year, to well over $240 billion by the middle of January.


Leading the pack is Bitcoin (BTC), which constitutes more than 65% of the overall market size. Going from just under $7,200 at the end of 2019 to a high of $8,800, Bitcoin recorded double-digit gains within two weeks. January 14 saw a spike of more than 11% in Bitcoin’s price, fuelling speculation that the two-year-long cryptocurrency recession could finally be over.

Bitcoin Price Chart

bitcoin price chart

Among the many factors that contributed to Bitcoin’s price increase was the geopolitical upheaval emanating from increasing tensions between the USA and Iran, which led to a flight of safety capital by investors, to safe-haven assets such as gold. Already established as a manifestation of digital gold, it seems hardly coincidental that the prices of both gold and Bitcoin went up.

Another catalyst for the increase was the official launch of the CME Bitcoin options on January 13. The CME group represents the biggest derivatives marketplace in the financial sector. The trading volume of the CME Bitcoin options surpassed that of Bakkt exchange — its direct competitor — within a single day, underlining the status of CME as well as the increasing demands for a wider range of Bitcoin products for traditional investors.

Buy Bitcoin »

Ethereum

Ethereum (ETH), the second-largest cryptocurrency, saw a breakout from a consolidation range of $145 to a high of $170, amounting to a relatively modest 18% increase.  This was substantiated by strong trading volume that guided ETH’s price spike through a key resistance line that has been hindering its price growth.

Ethereum Price Chart

ethereum price chart

Ethereum’s fundamental prospects look positive, particularly given the latest statistics by DeFi Pulse. These indicate that $667M worth of digital asset value — consisting of more than $450M worth of ETH — is locked in decentralized finance (DeFi) applications, which is an increase of 2.5% over last year at the same time. DeFi applications are mostly built on the Ethereum blockchain. An increase of ETH locked in decentralized applications would result in lower circulating supply, and result in notable scarcity.

Another fundamental metric for ETH is the growing quantity of users that it has represented through the number of unique Ethereum addresses. There are now more than 84 million unique ETH addresses, an upsurge from 50 million in 2019. Additionally, last month Ethereum also managed to successfully implement its latest hard fork — known as Istanbul.

Buy Ethereum »

EOS

EOS performed relatively well in the recent bull market, clocking a rally of over 22% in the last couple of days. It rose from a low of $3.1 to a high of nearly $4, breaking through major resistance levels to briefly touch $4 for the first time since September 2019.

EOS Price Chart

EOS price chart

Much like Ethereum, EOS is also big on DeFi. Nearly 7% of EOS coins are locked in various DeFi applications, more than ETH’s 3%, indicating a strong use case.

Buy EOS »

DASH

One of the best performers in the market was the privacy coin, DASH, currently the 12th largest cryptocurrency. DASH jumped from $86 to a high of $127, notching a stupendous 47% gain over two days.

DASH Price Chart

DASH price chart

This significant increase may be substantiated by the fact that Dash is the preferred cryptocurrency of the citizens of Venezuela. Its increased popularity in Venezuela is not surprising given the hyperinflation that the country faces, compounded by ineffective economic policies, corruption, and sanctions. Given that a privacy-focused cryptocurrency can effectively mask users’ activity, it was natural that Dash became a top candidate. Since January 4, 2020, Dash has seen an exponential rise in value, at one point going from $45 to a high of $120 over a matter of hours. That is an astounding 150% increase within a week. Furthermore, recent reports have announced that Burger King is considering accepting Dash in its outlets.

Buy DASH »

Conclusion

The cryptocurrency market is experiencing a steep rally across the board, with many convinced that this may be the end of a two-year bear market. Various developments in cryptocurrency adoption and technology further substantiate the use cases of blockchain. The increase in trading volume and the breaking of prior price resistance could signal a resurgence in the markets.


Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.


 

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Bitcoinist

Bitcoinist

Bitcoinist is the ultimate news and review site for the crypto currency community!

Related Posts

9 Best Cryptocurrency To Invest In Today – Top Coins For 2023

9 Best Cryptocurrency To Invest In Today – Top Coins For 2023

13 hours ago
Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin with Massive Profit Potential, Drawing Crypto Whales to Predict 10x Returns for Investors

Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin with Massive Profit Potential, Drawing Crypto Whales to Predict 10x Returns for Investors

2 days ago
Exploring the Meteoric Rise of Mooky: Could It Be the Next Game-Changing Crypto Success Story like Dogecoin (DOGE) and Shiba Inu (SHIB)?

Exploring the Meteoric Rise of Mooky: Could It Be the Next Game-Changing Crypto Success Story like Dogecoin (DOGE) and Shiba Inu (SHIB)?

2 days ago
Discover the Next Big Thing: Mooky.io Presale Boasting Fair Distribution and Community Engagement

Discover the Next Big Thing: Mooky.io Presale Boasting Fair Distribution and Community Engagement

2 days ago
3 Alternative Meme Coins To Dogecoin with long term growth potential

3 Alternative Meme Coins To Dogecoin with long term growth potential

2 days ago
Svenska Casino – Allt om spel hos casinon i Sverige

Svenska Casino – Allt om spel hos casinon i Sverige

3 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    2 days ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    2 days ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    2 days ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • As Polygon (MATIC) volumes soar, top analysts forecast...

    4 hours ago
  • Strategic Crypto Investments: 5 Coins to Watch in 2023

    7 hours ago
  • XRP Consultant and AI Crypto Analyst States ‘Best...

    11 hours ago
  • 6 Figures Crypto Portfolio Builder: Cosmos (ATOM)...

    12 hours ago
  • Floki Inu Trading Volume Jumps 300% in 24 Hours—Enough to...

    13 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.