Bitcoin’s last wave, which has added $ 4,000 to its price since the second half of December, has ended. In the stagnation of Bitcoin, altcoins seize the opportunity and are booming.
All altcoins, including XRP, whose developers are dealing with the US Securities and Exchange Commission’s shocking lawsuit last week, have soared significantly in the past 24 hours.
Ethereum, the second largest cryptocurrency by market cap, has grown by 14.23% in the last 24 hours to $ 720; XRP rose 7.25% to $ 0.29 (though the token fell 44% last week); Litecoin with 6.57% to $ 134.18; Bitcoin Cash from 15.56% to $ 364; Polkadot with 15.78% to 5.76 dollars; Cardano costs 8.47% to $ 0.16; Binance Coin (BNB) from 8.59% to $ 34; and Chainlink climbed 15.58% to $ 12.23.
Altcoin Alts’ rise started yesterday. Ethereum made headlines when it hit over $ 700 yesterday afternoon. ETH then reached its highest price since May 2018 at $ 737.92 earlier today. Its market value reached 82 billion dollars.
QCP Capital, a Singaporean crypto trading firm, wrote a note to investors today:
“We had BTC profits swapped for altcoins late yesterday and took ETH to the peaks of the new cycle. The ETH / BTC bounce occurred at 0.023, proving a strong level for those looking to convert their growing BTC balance sheets to ETH. “
It will be interesting to observe whether altcoins will continue to rise if the price of bitcoin changes significantly in the next few days.