While so-called altcoins enjoyed a notable rally early this week, this run appears to be over.
The market for alternative cryptocurrencies, a collection of digital tokens with different blockchain networks and value propositions than the bitcoin protocol, received significant tailwinds earlier this week as bitcoin traders sat on the sidelines waiting to hear the latest news from China.
As bitcoin trading volumes fell at many exchanges, many of the top cryptocurrencies listed on CoinMarketCap (ranked by market capitalization) enjoyed notable price gains, forming what could be referred to as a smaller altcoin rally.
Today, however, we saw a sharp reversal of this trend.
The ether markets provided a perfect example.
Ether, the digital currency that powers the smart contract-based blockchain platform ethereum, surged nearly 20% to $13.33 on CoinMarketCap on 14th February, reaching their highest value so far this year.
Analysts pointed to robust trading volume, a highly leveraged market and signs of rising adoption as helping fuel this price rise.
However, the digital currency has fallen back, dropping to $12.64 today. At the time of report, ether was trading at $12.71.
Privacy coins taper off
Monero, a privacy-oriented digital currency that leverages ring signatures to conceal user identities, also
Read more ... source: CoinDesk
Let's block ads! (Why?)
Powered by Bitcoin Central