Bitcoin breaks through $16,300 on November 13, 2020, reaching levels not seen since January 2018, and the rally carries the broader altcoin market along with it. The catalyst is clear: PayPal’s official launch of cryptocurrency buying, holding, and selling for United States users, with weekly purchase limits of up to $20,000. The announcement sends shockwaves through the market, driving massive volume across exchanges and pushing major altcoins to multi-month or multi-year highs.
TL;DR
- Bitcoin trades at $16,317, up over 60% since early September 2020
- PayPal enables US users to buy, hold, and sell crypto with $20,000 weekly limits
- Ethereum rises to $474.63 (+3.1%), Chainlink hits $12.89 (+3.9%), Litecoin surges 8.4%
- Kraken records $377.3 million in spot volume, above its 30-day average of $295.1 million
- Total crypto market cap exceeds $370 billion as institutional and retail demand converge
PayPal Opens the Floodgates
PayPal’s decision to activate cryptocurrency services for US customers on November 12-13, 2020, represents one of the most significant mainstream adoption events in Bitcoin history. The payments giant, with over 346 million active accounts worldwide, now allows American users to purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash directly through the PayPal platform. Weekly purchase limits are set at $20,000, a figure that signals PayPal’s serious commitment to the asset class.
The impact on market sentiment is immediate and profound. PayPal’s endorsement of cryptocurrency as a legitimate payment and investment vehicle validates years of infrastructure building by the crypto industry. For millions of Americans who previously found cryptocurrency exchanges intimidating or complex, PayPal offers a familiar interface and trusted brand. The move follows Square’s Cash App, which has been offering Bitcoin purchases since 2018, but PayPal’s scale dwarfs that of its fintech competitor.
Ethereum Leads the Altcoin Charge
Ethereum trades at $474.63 on November 13, up 3.1% on the day, with $13.2 billion in 24-hour trading volume according to CoinMarketCap data. ETH’s market capitalization stands at approximately $53.8 billion, and the second-largest cryptocurrency benefits from both the PayPal news and the explosive growth of decentralized finance protocols built on its blockchain.
Chainlink (LINK) continues its strong run, trading at $12.89 with a 3.9% daily gain and a market cap above $5 billion. The oracle network remains a critical piece of DeFi infrastructure, and its price appreciation reflects the growing demand for reliable off-chain data feeds in smart contract applications. Litecoin (LTC) is among the day’s top performers among major altcoins, surging 8.4% to $65.46. As one of the four cryptocurrencies supported by PayPal alongside Bitcoin, Ethereum, and Bitcoin Cash, LTC benefits directly from the mainstream adoption narrative.
Broader Market Rally
The altcoin surge extends well beyond the top ten. XRP gains 4% to $0.265, Polkadot (DOT) rises 3.2% to $4.54, Cardano (ADA) edges up 1.8% to $0.106, and EOS climbs 5.5% to $2.60. The breadth of the rally suggests that capital is rotating from Bitcoin into the broader market, a pattern historically associated with bull market phases.
On Kraken, total spot trading volume reaches $377.3 million, significantly above the 30-day average of $295.1 million. Futures notional volume hits $206.1 million. The exchange records strong activity across all major pairs, with Bitcoin accounting for $205.9 million in volume and Ethereum contributing $71.8 million. These figures underscore the intensity of the current rally — it is not merely a headline-driven spike but a broad-based repricing supported by genuine demand.
Bitcoin’s Fourfold Journey
The magnitude of Bitcoin’s rally becomes even more striking in context. As noted by market observers, Bitcoin has quadrupled since the previous Friday the 13th just seven months earlier in April 2020. Back then, BTC was trading below $7,000 in the aftermath of the COVID-19 crash. The journey from under $7,000 to over $16,300 in seven months represents one of the most powerful bull runs in Bitcoin’s history, driven by institutional accumulation, DeFi growth, and now mainstream fintech adoption through PayPal.
Bitcoin’s market capitalization of $302.5 billion places it firmly in the territory of major global assets. The rally is supported by growing institutional interest, with companies like MicroStrategy and Galaxy Digital making significant Bitcoin allocations to their corporate treasuries in the weeks leading up to this surge.
Why This Matters
PayPal’s crypto launch is a watershed moment for the digital asset industry. When one of the world’s largest payment companies embraces cryptocurrency, it signals a fundamental shift in how mainstream financial institutions view digital assets. The $20,000 weekly purchase limit suggests PayPal anticipates meaningful demand from its user base, not just casual experimentation.
For the altcoin market specifically, PayPal’s support of Ethereum and Litecoin alongside Bitcoin provides unprecedented exposure. Millions of users who have never considered buying an altcoin now have the ability to do so through a platform they already use and trust. While the long-term impact on adoption rates remains to be seen, November 13, 2020, marks the moment when cryptocurrency truly enters the mainstream financial conversation.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
370B total market cap on a paypal announcement. one fintech adding 4 coins moved the entire crypto market. retail access was the narrative that printed in 2020 and everyone rode it
PayPal launched with no withdrawals for almost a full year. people were buying BTC at a premium they couldnt even self-custody
walled_gdn_2 and the spread was like 1.5% above spot on every purchase. paypal was printing risk-free fees on 346M gullible users
LTC up 8.4% just for being on the paypal 4-coin list. imagine being so starved for institutional validation that a fintech pick list moves your token 8 percent
paypal letting users buy $20k a week of crypto was the moment retail got a firehose. ltc pumping 8.4% because it was one of four coins listed
Chung W. the firehose was real. Kraken doing $377M in spot that week wasnt coincidence. PayPal normalized crypto for normies who would never open an exchange account
LTC pumping 8.4% just because paypal listed it alongside BTC and ETH. that was peak “listed on exchange” alpha
LTC was one of 4 coins paypal chose. that selection alone pumped it 8%. the listed on paypal premium was real back then
paypal chose 4 coins and LTC pumped 8.4% just for being included. being picked by a fintech was the ultimate alpha in 2020
ltc_maximalist_ LTC pumped 8.4% for being picked and then bled for two years straight. being on PayPal was a one-time alpha, not a fundamental shift
chainlink at $12.89 during the paypal pump. if you told someone in 2019 that link would outperform most l1s theyd laugh
LINK at $12.89 was still a 10x from ico. paypal just accelerated what was already building
PayPal letting you buy crypto but not withdraw it was the catch. you owned a number on their spreadsheet, not actual BTC. still bought anyway because convenience beats self-custody for most people
walled_garden the irony is people buying BTC on PayPal at 16k who couldnt withdraw ended up trapped when it pumped to 69k. paper gains on a database entry
walled_garden paypal not letting you withdraw for the first year was the catch. you owned a number on their database not actual BTC. people bought anyway
walled_gdn_ the no-withdrawal era was peak clown market. people were literally buying IOUs and celebrating. at least coinbase let you self custody from day one
walled_garden the no-withdrawal thing was insane. people bought BTC on paypal they couldnt even self-custody. convenience really does beat security for normies
Naomi G. convenience beating self custody is the oldest story in crypto. people bought BTC on paypal they couldnt withdraw and still felt smart about it. the UX lesson is brutal but clear
Naomi G. owning a number on paypal database not actual BTC. people didnt care because number go up was the only thing that mattered in nov 2020
$377M spot volume on kraken alone in one day. the paypal news broke the dam for retail access
$20k weekly limit sounds quaint now but in 2020 it was a big deal. paypal opening the door validated crypto for millions who would never touch an exchange
$20k weekly limit was retail-only on purpose. PayPal wanted volume without whales clogging their rails. smart go-to-market even if it frustrated serious buyers
LTC pumping 8.4% purely because it was one of four coins PayPal chose. that was peak exchange-listing alpha, now nobody cares what gets listed
Pavel J. LTC pumped 8 percent just for being one of four coins paypal picked. being selected by a fintech was the ultimate alpha in 2020. now listings barely move the needle
Pavel J. the LTC PayPal premium lasted about 2 weeks before it bled out. classic news-driven pump on a coin with no real catalyst beyond selection