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.
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
chainlink at $12.89 during the paypal pump. if you told someone in 2019 that link would outperform most l1s theyd laugh