Bitcoin price is on a bull-run right now. In fact, the entire crypto market seems to be making a bullish turn as sharp gains can also be seen across a number of altcoins.
At the time of writing, Bitcoin is up 4.6% on the 24-hour basis and is currently trading at $6,733 according to coinmarketcap.com
Earlier in the day, Bitcoin price hit its 16-day high of $6,745, but it could easily hit that high again by the looks of things.
Bitcoin Price Recovery
Bitcoin is recovering from a five-week low of $6,100 that it hit on Wednesday. This is interesting because news surrounding the coin hasn’t been great this week; 6,000 bitcoins from Zaif exchange were stolen, and a pretty big flaw in Bitcoin’s code was discovered. (It has since been fixed.)
Usually, negative news creates negative sentiment, and this is reflected in the price. You’d have been forgiven for thinking Bitcoin would be dwindling in the red.
Are Altcoins Carrying Bitcoin?
But what’s more than likely happening is that Bitcoin price is being fueled by investors demand for altcoins.
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Specifically, Ripple (XRP) has been on a massive gaining streak this week and currently is up a further 46.08% in the last 24 hours.
18% of this trading volume is coming from Bitcoin trades with Ripple.
Other notable gains today include Aurora Coin (AOA), which is sporting gains of 53.51%, and MONACoin, which has gained 37.97%. Both these coins draw the majority of their trades through pairs with BTC.
Further Gains Ahead?
It may be that investors are buying Bitcoin in order to buy other altcoins and thus BTC price is increasing. Or maybe there is a case of FOMO occurring across the market, as the majority of coins are in the green across the board.
If Bitcoin price is being spurred on by altcoins, then BTC could be in for further gains. Altcoins don’t look like they’re ready to stop their rally.
What do you think?
Featured Image: Depositphotos/© mdkhalil1
