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Bitcoin blasts through $13K following PayPal’s entrance into crypto

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Bitcoin (BTC) has rallied above $13,000 for the first time since July, and only the third time since the all-time high bull run of late-2017.

The move follows the long sustained period of five-figure price action, with BTC having spent nearly the entirety of the past 12 weeks trading above $10,000.

Weekly BTC/USD chart: BitcoinWisdom

The spike was triggered by news that the global payments giant PayPal is launching support for Bitcoin, in addition to Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

BTC, ETH, and BCH have all gained between 7% and 8% over the past 24 hours, while LTC is up more than 14%.

While Ethereum has rallied alongside Bitcoin, ETH has failed to maintain its strength relative to Bitcoin since rallying into the low-mid $400s amid the decentralized finance boom in August. Ether is currently testing resistance at $400.

In response to the news from PayPal, Alex Mashinsky, CEO of crypto lending platform Celsius, said:

“This is definitely a bullish sign for Bitcoin and other cryptocurrencies. Crypto is all about trust, and PayPal has a very high level of trust with its users […] If the UI/UX of the service is done right, we will see millions of new users join each month.”



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Price analysis 11/25: BTC, ETH, XRP, BCH, LINK, LTC, ADA, DOT, BNB, XLM

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Bitcoin and most major altcoins could consolidate for a few days before starting the next big move.



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Ethereum hits $500 for the first time since June 2018, outperforming Bitcoin YTD

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Ether (ETH) returned to $500 for the first time in more than two years on Nov. 20 as altcoins slowly staged a comeback from poor performance.

Cryptocurrency market overview from Coin360.

Ether price sees $500 after more than 2 years

Data from Cointelegraph Markets, Coin360 and TradingView showed ETH/USD briefly hitting the psychologically significant barrier in Friday trading before a rejection halted progress.

ETH/USD chart showing $500 level hit. Source: TradingView

Despite being capped at roughly 6% daily gains at press time, Ether’s achievement delighted traders, who noted that overall in 2020, the largest altcoin has outperformed even Bitcoin (BTC).

Year-to-date returns stood at 284% for Ether and 155% for Bitcoin.

Versus the pit of its price lows in mid March, just after the coronavirus-induced cross-asset crash, Bitcoin was still the strongest player — at the time, ETH/USD traded at just $117, making Friday’s levels an increase of 327%, while BTC/USD gained 411% from $3,600 to $18,420.

Bitcoin vs. Ether price year-to-date chart. Source: Digital Assets Data

Alongside the $500 visit, Ether’s first since June 2018, other major altcoins also showed signs of life, notably Litecoin (LTC), which with 12% gains outperformed Bitcoin on the day, and the only major altcoin to outperform BTC in the past month — by 7%.

Earlier, Cointelegraph Markets analyst Michaël van de Poppe had argued that a new “altseason” would need to wait, but that a realistic top for Ether’s next bull run could be as high as $20,000.