Connect with us

Bitcoin News

Bitcoin Price Rallies to Touch $8,600 While Altcoins Follow

Published

on

Wednesday, Oct. 9 — Bitcoin (BTC) continues its rebound, jumping $400 in a few hours, while altcoins rally in sync with BTC.

Cryptocurrency market daily overview. Source: Coin360

The world’s most popular crypto coin rallied from an intraday low of around $8,200 up to its current trading price near $8,600, showing impressive gains of over 5% in the past 24 hours, while a vast majority of the top 100 crypto coins are pumping in sync with BTC and are recording major double-digit gains. 

Bitcoin seven-day price chart. Source: Coin360

Ether (ETH), meanwhile, followed suit and rallied in sync with most of its fellow altcoins, showing a more than decent gain of nearly 7% on the day. The second-biggest cryptocurrency by market cap hit its intraday low at $179 and has since found its way to $191.58 per coin at press time. However, its price is still down 14% from the high of $222 in mid-September. 

Bloomberg reported that the overall impressive price gains are partly the result of an update on the development of the next-generation Ethereum network and new financial apps at the Devcon 5 conference, currently happening in Osaka, Japan. Josh Lim, head of trading strategy at Galaxy Digital said:

“Today, and starting over the last week, we’ve seen a resurgence of interest in alt-coins. The leaders in that regard have been Ethereum and Ripple.”

Ether seven-day price chart. Source: Coin360

Ripple’s XRP is showing positive gains of 2.68% over the past 24 hours and is trading at about $0.281 per coin at press time. Cointelegraph recently reported that the United Kingdom-based financial software firm Finastra partnered with Ripple to join RippleNet, a global blockchain payments network with over 200 members, to provide faster and cheaper cross-border payments.

XRP’s seven-day price chart. Source: Coin360

All of the top-20 coins are showing gains today. Ethereum Classic (ETC), the number 20 coin by market capitalization, is up 11.33% on the day, while Chainlink (LINK) takes the title of the biggest gainer among the top cryptos at press time, up nearly 14% on the day. 

The overall cryptocurrency market cap increased from $222 billion to $232 billion, with Bitcoin making up 66.7% of the total.

Keep track of top crypto markets in real time here

Like what you read? Give us one like or share it to your friends
original post…

Continue Reading
Advertisement
0
Advertisement

Recent Posts

Copyright © 2019 The Crypto Report