Bitcoin (BTC) and other cryptocurrencies like XRP, Aurora, MONA, Ethereum have taken an astonishing turn over the last 24 hours. A sharp gain is seen in the values of cryptocurrencies.
In the afternoon today, Bitcoin (BTC) was being traded at $6727.43 on Coin360, which is 4.48% change in the last 24 hours. It hit $6745 earlier today as the highest of the last two weeks.
BTC has recovered its low value of five-weeks which was $6100, taking prices back to the range during mid-August. It is likely being fueled by the increased demand of investor for altcoins. According to CoinMarketCap, XRP (third largest cryptocurrency) has risen by 42% in the last 24 hours and is reported that 18% of the XRP trading volume came from XRP/BTC pairs.
Added to the reports of CoinMarketCap, Aurora (AOA) has risen 57% today and is currently the best performing cryptocurrency. 60% of its trading volume is also coming from BTC/AOA pairs. Similarly, MONA has risen 43% and is being fueled by MONA/BTC and MONA/JPY pairs.
While other altcoins are rising to the top, Ethereum (ETH), after weeks of beating Bitcoin on losses, continued their fortunes. Prices at the time of writing hit $228.5, have fallen as low as $171in the present time.
XRP has risen over 57% in the last 24 hours, hitting the weekly gains to 68%.
Other altcoins like Stellar (XLM), Tezos (XTZ) and Cardano (ADA) are also rising at gains of around 15 to 18%. Currently, the total market capitalization is nearly $217 billion.
As the money is tending to flow through BTC, and the alternative cryptocurrencies are trading against leaders like BTC and Ethereum (ETH) token, therefore, it is creating more upside pressure on cryptocurrencies like Bitcoin and Ethereum. As a result of this, if the altcoin rally keeps charming investors then it will increase gains of Bitcoin in the coming time.
A chart of flow of trading values shows that BTC moved the double bottom line that confirms bullish reversal. The double bottom breakout has led to $7050 rise, over the weekend. UTC close above that level confirms pennat breakout, confirms higher price lows over the last three months and accelerate the prospects of sustained rally up to $8500.