Several crypto experts predict Bitcoin’s upward trajectory to continue into 2021, but other market experts remain skeptical. COVID-19 lockdowns caused economic instability on a global scale, which surprisingly influenced the success of cryptocurrencies. During 2020, Bitcoin successfully quadrupled its market value. The Securities and Exchange Commission has launched a lawsuit against XRP’s developer, Ripple Labs. The lawsuit’s virtual hearing is set for February 22, 2021, but XRP’s value has already taken a hit because of the legal proceedings.
The current lawsuit against Ripple Labs has diminished XRP’s market value, which has increased Bitcoin’s value in return. Ethereum, Litecoin, and XRP experienced significant market gains in 2020, but no cryptocurrency’s success compares to Bitcoin’s gains. A robust crypto market combined with XRP being delisted on popular crypto trading platforms has driven up many cryptocurrency’s values.