Despite experiencing a slight dip recently, Bitcoin is climbing its way back towards its all-time high after breaking $17,000 today.
After taking a hit in recent weeks with a surge in the market for alternative coins (altcoins), Bitcoin appears to have regained its moon-bound trajectory. According to Coin Market Cap, Bitcoin saw a 15% gain over the past 24 hours and reached a daily high of $17,705. While Bitcoin rises in price, however, alternative currencies such as Litecoin, Ethereum, and Ripple have seen dips ranging anywhere from 10%-20%.
Does Bitcoin Rise at Altcoins’ Expense?
Many altcoins experiencing price dips are no doubt simply victims of investors selling off their coins to buy back into Bitcoin – or whatever the altcoin du jour happens to be on a given day. Some, however, see their values fall because of very specific reasons. Take Ripple, for example. Between December 1, 2017, and approximately noon yesterday, the dark horse cryptocurrency saw gains of over 1400% – from $0.25 to $3.81. That gain was fueled – at least in part – by rumors that XRP was going to be added to Coinbase sometime in the not-too-distant future.
Ripple’s climb was brought to a screeching halt yesterday when Coinbase co-founder and CEO, Brian Armstrong, tweeted:
We haven't made any decisions to add new assets to Coinbase or GDAX at this time. Any statement to the contrary is untrue. Be careful what you believe out there! https://t.co/1yUYG33AoG
— Brian Armstrong (@brian_armstrong) January 4, 2018
Just like that, XRP’s upward trajectory started to reverse itself, falling by over 19% in just under two hours’ time. Ripple managed to rally briefly before continuing to fall another 4% to a low of $2.83. Prices have begun to stabilize, but whether or not Ripple can regain its momentum remains to be seen.
What factors do you think are contributing to Bitcoin’s rise? How about altcoins’ losses? Let us know in the comments below!
Images Courtesy of CoinMarketCap, Shutterstock