The sudden jump that Bitcoin initiated today triggered the altcoins market. In the latest altcoin news updates, we can see how altcoins react to Bitcoin and its sudden surge, with some of the major cryptocurrency markets registering solid growth.
Bitcoin has been hovering near the $7,500 mark during the day until it suddenly surged over $500 in just five minutes and got to the $8,391 mark. At press time, Bitcoin (BTC) managed to rise even more and is trading at $9,206 with a daily increase of 17%.
The top 20 coins are also posting gains and some of them are seeing double-digit price increases. While altcoins react, the major gainers on this list include the Bitcoin Cash (BCH) cryptocurrency, Bitcoin SV (BSV) and EOS (EOS) all of which have registered gains of 20.5%, 20.08% and 15.21% respectively. The Bitcoin Cash news show that BCH is the real winner today along with Bitcoin, leading the market to new highs.
Meanwhile, the largest altcoin Ether (ETH) also surged but did not post double-digit gains as it stands now. Even though it managed to rise by 11.5%, the cryptocurrency later retraced and is now trading at $179. However, Ether’s current price is not the highest on the monthly chart, as it posted $196.5 on October 11.
Ripple (XRP) is also noting daily gains and is up by over 8% at press time. The altcoin is right now trading at $0.299 while the highest price point on the day was $0.303.
As the altcoins react to BTC’s rise, we can also see that Tether (USDT) and UNUS SED LEO (LEO) have experienced minor gains of 0.02% and 2.03% over the day. Both of the cryptocurrencies are trading at around $1 and $0.971 at press time.
Meanwhile, the price of Tether (USDT) is gaining popularity as a payment method. Some of the analysts see it catching up with Bitcoin and Ether. As many analysts noted, users choose the Tether stablecoin due to its capability to avoid the price fluctuations.
The other news also showed that a professor at Stanford Graduate School of Business says that cryptocurrencies will put an end to the windfall that banks currently enjoy from their low-interest deposits. He also said that cryptocurrencies are likely to upend banks and their business model within the next decade.
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