Ripple’s XRP surges 70% as Bitcoin craze sends investors flocking to smaller cryptocurrencies



Thomas Trutschel/Photothek via Getty Images


© Thomas Trutschel/Photothek via Getty Images
Thomas Trutschel/Photothek via Getty Images

  • The price of Ripple’s XRP gained as much as 70% in hugely volatile trade on Tuesday, extending the broader cryptocurrency rally led by Bitcoin.
  • As institutional investors allocate massive amounts to Bitcoin as a hedge against inflation, other market participants are looking to alternative cryptocurrencies — or altcoins. 
  • Ripple designed XRP to perform speedy, less costly, and more scalable alternative transactions.
  • The token’s latest rally is also being driven by a central bank push to digitalize currencies.
  • Visit Business Insider’s homepage for more stories.

Ripple’s XRP surged as much as 70% on Tuesday as the third-biggest cryptocurrency extended a rally that has been kickstarted by mass interest in Bitcoin. 

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Ripple’s price has risen about four-fold since the start of the pandemic, making gains alongside Bitcoin — which rose 4% to a near all-time high of $19,241 on

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Bitcoin Price Surges Past $16,000, Breaks 2020 Record For Spot Volumes

KEY POINTS

  • Bitcoin breaks past $16,000 on the back of increased spot volume
  • Institutional investors are trading more Bitcoin as per data on CME
  • Analysts expect further upside for Bitcoin in the coming months

Bitcoin breached past $16,000 and surged to around $16,300 on the back of historic volumes on spot cryptocurrency exchanges. Analysts are expecting more room for the benchmark cryptocurrency’s price to increase.

Bitcoin closed Thursday at $16,310, its new 2020 high, and its highest in nearly three years. At this price point, Bitcoin is up 24% this month and 128% since the beginning of the year. 

The strong rally to $16,200 is attributed to a surge in volumes on spot cryptocurrency exchanges. At this volume, it has beaten all previous records, similar to what the volume experienced during the March 2020 crash and the ascent to $10,000 last August. 

Other indicators showed extreme bullishness since according to

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