Bitcoin rally slows down, but altcoins pick up pace
Cryptocurrency

Bitcoin rally slows down, but altcoins pick up pace

Bitcoin rally slows down, but altcoins pick up pace

Bitcoin (BTC) has edged lower on Thursday, despite a strong start that saw its price rising to a near 10-month high.

BTC advance slows down

The original cryptocurrency had a mostly lacklustre session on Wednesday. With its rally having stalled, the digital coin spent the better part of the session hovering around the $8,000 mark. However, BTC picked up during the final hours of the session and eventually finished the day at $8,205.17, up from its opening price of $7,989.37.

The coin continued its advance during the opening hours of today’s trading, which allowed it to break above the $8,300 mark for the first time since July 25, 2018. However, like in previous sessions, the coin’s morning push didn’t last very long. BTC has seen a significant pull-back in more recent trading and is now hovering just above the $8,000 mark.

Altcoins shine

While Bitcoin’s advance has stalled since the coin approached the $8,000 area, major altcoins have kept the larger cryptocurrency alive. The second-largest digital currency on the market, Ether (ETH), has gained nearly 15% in the past 24 hours to top the $260 mark for the first time since early September. Earlier today, the Ether price hit $269.54, which was its highest level since September 5. The coin closed yesterday’s session at $247.15, according to data from digital currency tracker Coinmarketcap.

Other major digital coins, such as XRP, Litecoin (LTC) and Bitcoin Cash (BCH), have also risen to multiple-month highs, while Binance Coin (BNB) earlier today reached a new all-time high price of $27.58. But the standout performer in the past 24 hours has been Stellar Lumens (XLM), which has gained more than 23% in that period.

In today’s trading, the Bitcoin price stood at $8,054.80, as of 10:31 BST. The digital coin has gained 0.8% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $142.6 billion, which represents 56% of the combined value of all digital currency.

Featured image: Wit Olszewski / Shutterstock.com

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