Ether, XRP and different altcoins are accumulating

Bitcoin isn’t the only cryptocurrency that has been making strong gains lately.

Ether, XRP and a handful of other so-called “altcoins” or alternative cryptocurrencies rebounded on Monday after the world’s most famous digital currency rose.

At around 9:15 a.m. CET, Ether exceeded the $ 600 level, a point it has not reached since June 2018, according to industry website CoinDesk. XRP soared 29% to almost 55 cents at one point, hitting its highest level in over two years.

Ether last rose 8% to $ 595 in the past 24 hours, after previously rising 13%, while XRP was 19% higher at around 54 cents. Both are up around 350% and 180%, respectively, since the start of the year.

Investors in the crypto industry said altcoins are following the momentum that Bitcoin has seen lately. Bitcoin crossed the $ 18,000 threshold last week and is close to an all-time high near $ 20,000 that it hit in late 2017 before falling to $ 3,122 the following year.

“What you usually see in space is Bitcoin running and then some time later – possibly a few weeks, possibly a month – the altcoins are then exported,” Peter Wall, CEO of London crypto mining company Argo Blockchain, told CNBC . “Bitcoin leads and altcoins follow.”

Another altcoin, Chainlink, rose 6% to around $ 15. It is currently up more than 740% since the start of the year.

Chainlink is often associated with a concept called “DeFi” or decentralized finance, which aims to restore traditional financial products like loans without the need for middlemen like banks.

DeFi has become a popular topic in cryptography this year, and several new projects are emerging. It was compared to the initial coin offering (ICO) from late 2017, when several new virtual coins appeared.

Comments are closed.