• Thu. Apr 18th, 2024

Ripple’s Flash-Crash Allows BitcoinTo Surpass US$ 19 K, Next Stop Is US$ 20K

Nov 25, 2020
Ripple’s Flash-Crash Allows BitcoinTo Surpass US$ 19 K, Next Stop Is US$ 20K

Bitcoin once again goes above US$19,000 after the coin had faced a low and went down to US$18,000 last week.

It was reported that due to sudden low in XRP price at CoinDesk, Bitcoin’s price went high immediately. Experts are of the view that there is a co-relation between the two, where one goes up when the other goes down.

For the time being, Bitcoin’s price is US$ 19,277.09 and the index indicates a further high of 0.48%. It was recorded that the current Bitcoin price is by far the best value seen in the past three years. But amazingly the experts and analysts are attributing the price surge of Bitcoin due to XRP’s going low.

Before the XRP flash crash occurred at Coinbase, the cryptocurrency was going up and up. For instance in the past 48 hours, XRP’s price went high upto 80%. On the other hand Coinbase was getting too much attention due to XRP. Both XRP and Coinbase could be found everywhere, on Twitter, news, magazines etc. For instance at Twitter everybody was suggesting to invest in Ripple and using Coinbase for that.

However, an unexpected happened when everything was going in Coinbase’s favour. After the XRP had fetched the high price of US$ 0.90 at Coinbase, a flash crash was caused to Ripple. Resultantly the crypto industry as a whole had to undergo extensive volatility in a very short period of time. This also led low the world’s second largest cryptocurrency, ETH, whose price went low from US$ 600 to US$ 585.

The only cryptocurrency that not only survived this flash crash but gained a few extra hundreds of dollars, was Bitcoin. Before the crash, Bitcoin’s price was over US$ 18,000 and crossing the US$ 19,000 was not anticipated sooner. However, it is said that Ripple’s crash had accidently sent Bitcoin’s price above US$ 19,000.

Some of the experts also suggested that Bitcoin’s price high was expected due to various reasons. One of the major reason they explained that when altcoins are cooled down, then the profits end up in Bitcoin.

It is now said that while the altcoins are cooling off, Bitcoin will be acquiring most of the profits. The next milestone of US$ 20,000 is expected soon.

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