Binance US CEO Catherine Coley joined CNBC’s Power Lunch on Wednesday to discuss the current state of Bitcoin (BTC) and the greater altcoin markets.
The Bitcoin boon in 2020 has lifted BTC to its highest levels since October, cracking $10,000 after starting the year around $7,245. While investors and traders eye a return to the cryptocurrency’s all-time high of $20,000, set in December of 2017, Bitcoin’s 11-year price action remains marked by a series of dramatic highs and lows.
Looking at the wide disparities between Bitcoin, Ethereum, XRP and Litecoin price action, with the cryptocurrencies posting year-to-date gains of 30%, 99%, 42% and 65%, respectively, Coley, who highlights a potential divide in the utility of Bitcoin and XRP, says the use cases for each asset varies.
“We can’t necessarily paint with a broad stroke why Bitcoin would be rallying and why XRP would be rallying in the same case. You’re going to see a divergence between certain coins, but also an overall all-tides-rise effort when we see an activity towards Bitcoin and the rest of the digital asset market… Read More...