Bitcoin 2020 Record Makes Mainstream Media As Altcoins Rally

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Last Updated on 23 October 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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For all the talk of stock markets and crypto markets working in tandem as of late, yesterday was clearly not one of those days. As Europe grappled with possible lockdowns in many of it’s member states, stocks were trading lower or flat at best. Same story over in the US.

Meanwhile crypto markets rallied on the PayPal news. Not only Bitcoin found new heights, but Ethereum (trading at $413 at the time of writing, up 12% for the week), Chainlink (trading at $11,99 at the time of writing, up 13% for the week) and Stellar (trading at $0,084 at the time of writing, up 16% for the week) also made great gains. In fact, most of the cryptosphere has had a good few days ever since the PayPal news.

Longtime Bitcoin bull Mike Novogratz, who forecasted widespread adoption of digital currencies by Silicon Valley, claimed it was nothing less than an “exciting day“ for the cryptosphere.

Advertentie.

Julius Caesar

“All banks will now be on a race to service crypto,” he stated, before adding a historical reference. “We have crossed the Rubicon people.”

You may remember from your history lessons that Crossing the Rubicon refers to Julius Caesar who spoke the immortal words just before he took over the Roman Empire.

Although we agree the PayPal news of this week and the Square news of last week are essential stories that increase global acceptance, this reference might be a tad much.

Then again, the Bitcoin news did make all the major headlines, with CNN being the biggest spreader. The global media outlet explained PayPal’s move by stating that the Covid-19 pandemic has in fact fueled a boom in the online payments industry and companies like PayPal, Square (SQ) and Venmo because many coronavirus-wary consumers are avoiding the use of physical cash.

Crypto acceptance

In all, it is true that 2020 has indeed proven to be a stellar year for Bitcoin and crypto as a whole for that matter. With DeFi becoming known and the pandemic making online payments a global market, Constantin Kogan, the managing director at Wave Financial Group commented that “2020 is fast becoming the year of crypto acceptance and we see 2021 as the year of mainstream adoption.”

The man predicted that “a strong bullish trend and rise beyond $14,000 by the year-end.”

We all hope he’s right of course.