In the last week of the year there is very little holidaying or breaks being taken in the cryptocurrency space — except for maybe Bitcoin, whose price has consolidated somewhat after its massive rise to $28,000.
But, in altcoin circles, things are full steam ahead as Polkadot becomes the latest coin to see huge growth. Meanwhile, XRP is facing more tumbling prices as exchange after exchange looks to delist in the face of a huge SEC lawsuit.
It remains to be seen where the cryptocurrency space will end the year, and how it will set itself up for 2021, but with only a few days to go, there is still a lot of room for more action.
Not since the post-2017 $20,000 rally has there been a true altcoin season. However, some analysts believe it could be around the corner with Bitcoin slowing down and the rest of the market showing life.
Cointelegraph Markets analyst Michaël van de Poppe is eyeing altcoins as next in line to see major gains. XRP notwithstanding, the market is already showing signs of life, with ETH climbing above $700 for the first time since May 2018 this week.
Another winner on Tuesday was Polkadot, now the seventh-largest token by market cap, which saw a 22.5% daily rise, capping weekly performance of nearly 34%.
For Van de Poppe, the next “impulse wave” on Bitcoin in 2021 should take the market to $40,000 or $50,000, but “until then, altcoins will most likely do well.”
Ripple falling fast
It has not been good for Ripple and XRP as the SEC circles around. The latest losses come as XRP, the fourth-largest cryptocurrency by market cap, hits $0.20 as major US exchange Coinbase said it was to suspend trading from next month. The SEC’s lawsuit against the token threatens to classify XRP as an unlicensed security and make trading it legally impossible.
Paul Grewal, the chief legal officer at Coinbase, wrote:
“In light of the SEC’s lawsuit against Ripple Labs, Inc, we have made the decision to suspend the XRP trading pairs on our platform. Trading will move into limit only starting December 28, 2020 at 2:30 PM PST, and will be fully suspended on Tuesday, January 19, 2021 at 10 a.m. Pacific Standard Time.. We will provide additional updates, if any, through the Coinbase Support Twitter account, including if there are any changes to timing.”