As Bitcoin Cools Down, Top 10 Alts Heat Up
Following a bullish runup to a new all time high, bitcoin rebounded from its recent correction earlier this week. Riding the momentum of its Cboe futures debut, it rose from lows of $13,600 to as high as $17,600 over the past week, just $600 shy of transcending its all time high. Since this bounce, though, it has been relatively static, floating around a ~$16,500 valuation.
Other cryptocurrencies in the market cap top 10, however, have been feeling all sorts of investor love. As of writing, cryptocurrency’s overall market cap has increased by $140bln over the past five days, hovering just above $500bln.
Ethereum, litecoin, and friends are largely to thank for this substantive increase. Excluding bitcoin, five of the remaining top ten market cap coins have leapt to new all time highs this week.
Of these, litecoin experienced some of the largest gains. It began its runup on December 11th, jumping from $150 to a peak price of $338. That’s over a 300% increase from its price going into December.
Ethereum topped off at $747 from its support in the mid $400s, and dash ran up to a new high of $966, beginning its upward trend after a dip to $650.Monero, while not seeing the same substantial gains as its cohorts, reached its own all time high of $333.
As of the past two days, ripple has joined the ranks of this week’s all time high club. After a steady period of accumulation that sent its price to the upward $0.20 range, ripple exploded to a staggering $0.72. This increase makes it the winner in this week’s race to the top, outperforming even litecoin.
This surge in confidence towards the market’s top altcoins comes at a time when institutional players are entering the playing field. The general public has followed suit with their own interest, too, as Coinbase recently became the most popular app on Apple’s US app store.