Altcoins React on BTC’s Sudden Surge, Some Major Coins Post Double-Digit Gains
Following Bitcoin’s sudden jump earlier in the day, altcoin markets have also entered the green zone, with some of the major cryptocurrency markets registering solid growth.
Following Bitcoin’s (BTC) sudden jump earlier in the day, altcoin markets have also entered the green zone, with some of the major cryptocurrency markets registering solid growth.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin had been hovering around $7,500 during the day until it suddenly surged over $500 in just five minutes to the $8,391 price mark. At press time, the leading crypto is trading at around $8,541, up by nearly 15% on the day.
Bitcoin 24-hour price chart. Source: Coin360
Top-20 coins are posting gains as well, with some of them seeing double-digit price increases. The major gainers on the list are Bitcoin Cash (BCH), Bitcoin SV (BSV) and EOS, having registered 20.5%, 20.08% and 15.21% increases in value over the past 24 hours.
Altcoins in the flash of green
The largest altcoin, Ether (ETH), has registered solid gains of 11.6% on the day to trade at around $181 at press time. However, Ether’s current price is not the highest on its monthly chart, as it posted $196.5 on Oct. 11.
Ether 24-hour price chart. Source: Coin360
XRP is also seeing significant daily gains, up by over 8% at press time. The altcoin is currently trading at $0.299, while its highest price point on the day was $0.303.
XRP 24-hour price chart. Source: Coin360
Meanwhile, Tether is gaining popularity as a payment method, with some analysts seeing it catching up with Bitcoin and Ether. According to some experts, users choose Tether due to the stablecoin’s capability to avoid price fluctuations.
A professor at Stanford Graduate School of Business says cryptocurrencies will put an end to the windfall that banks currently enjoy from low-interest deposits, stating that cryptocurrencies are likely to upend banks’ business model within the next decade.