An unknown cryptocurrency rises 6,000% today and enters CoinMarketCap’s top 20.
The impressive revaluation has pushed the Binance-listed altcoin to 16th position among the largest cryptocurrencies on the market by market capitalization.
Unlike Bitcoin (BTC), which is struggling to break back above $60,000, an unknown cryptocurrency surprised the market on Tuesday (30) with an impressive valuation that surpassed 6,000%.
According to CoinMarketCap data, with this revaluation DREP (DREP) briefly moved into the top 20 of the market, just after reaching a price of $2.52 on the DREP/USD pair.
Unexpectedly, DREP today joined the select group of the top 20 cryptocurrencies by market capitalization after surging more than 6,000% in the market.
In other words, with this valuation DREP presented the 16th highest market cap volume among the largest cryptocurrencies, surpassing names such as Filecoin (FIL), Terra (LUNA) and Dogecoin (DOGE). However, divergences in the cryptocurrency’s price caused it to plummet to 201st position in the ranking.
Bitcoin surpasses $59,000 and PayPal launches cryptocurrency payments at 29 million merchants.
The price of Bitcoin (BTC) approached $60,000 on March 30 after PayPal confirmed it had formally launched cryptocurrency payments.
The company caused a stir last year when it confirmed its foray into cryptocurrencies, which will eventually be rolled out to all users and 29 million merchants.
“This is the first time you can use cryptocurrencies in the same way as a credit or debit card within the PayPal wallet,” President and CEO Dan Schulman told Reuters.
Although PayPal will not focus solely on Bitcoin, the BTC price reacted favorably to the reports, surpassing February’s previous all-time high of $58,300 to manage at $59,200 at the time of writing.
Bitcoin could reach USD 400,000 by 2021 as a ‘risk-free reserve asset’, according to Bloomberg.
Bitcoin (BTC) is still criticized for being too volatile, but a Bloomberg analyst believes that, conversely, it is becoming a “risk-free” option for investors.
In a tweet on March 25, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said this year marked a turning point for the leading cryptocurrency.
Although McGlone did not provide exact details of the factors underlying Bloomberg’s opinion, the idea of Bitcoin reducing, rather than increasing, portfolio risk is the talk of the year among companies. New reports of treasury allocations to BTC appear frequently, with appetite unaffected by price action.
