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Everyone sure keeps talking about bitcoin as of late. The currency has reached a new all-time high of roughly $23,000 per unit, and while the asset is doing extremely well, we cannot forget about the smaller altcoins that share the crypto limelight with bitcoin. We’re talking, of course, about currencies such as Ripple’s XRP and Ethereum.
Bitcoin Is Doing Well, but So Is Everything Else
Ethereum is the second-largest cryptocurrency by market cap and the number one competitor to bitcoin. At the time of writing, the asset has risen by nearly two percent and is trading for a new yearly high of about $650 per unit. XRP has also risen to about 50 cents per token.
In addition, it looks like financial markets are doing well everywhere considering how much stocks have surged, and gold is still at a high despite taking a few dips here and there in recent days. In other words, the global economy appears to be surging and fixing itself after nine long months of being hammered by the coronavirus pandemic.
There are now less than two weeks left in 2020. These final weeks have featured stories involving the development of a new COVID vaccine that various individuals such as nurses, actors and even the vice president himself Mike Pence have gotten access to. While things likely still have a while to go, the United States and its neighbors are making progress when it comes to finally removing the barricade that has caused so much trouble over the past year.
This could potentially be giving the markets the boost they need. Citizens have much more hope and confidence in the future and are witnessing the birth of a light at the end of the tunnel. In addition, after months of going back and forth with no results in sight, it looks like a new stimulus bill is finally on the verge of garnering approval. It’s unclear what individual Americans will receive from the bill, but this is also a big step forward when it comes to pushing the largest economy in the world in the right direction.
And in the end, it looks like the high levels of demand for both bitcoin and its altcoin cousins are just getting started. Deutsche Bank analysts recently explained in a statement:
There will be a search for alternative currencies due to constant fiat money debasement. It does feel that bitcoin will continue to be in high demand.
More Trouble for Fiat Means More Strength for Crypto
Granted the U.S. dollar and other forms of fiat continue to show signs of giving into inflation and other harsh economic realities, bitcoin is likely to remain in a solid position. Yang Li, who works with the foreign digital exchange Ziglu also mentions:
Wider adoption will grow the value of bitcoin even more. This is just the start.