The past few days have seen a departure from the usual procedure where the Bitcoin price is tied to altcoin prices and their movements in the market. In fact, when Bitcoin shot up to the $7,500 level in a matter of minutes on Tuesday, other coins followed suit with some such as Stellar and Cardano increasing by considerable margins – actually by as much as 25%, the situation changed as the week went by.
Ripple hit hard
Bitcoin held on to the $7,300-7,450 levels for the remainder of the week but other altcoins suffered. VEN and ICX were typical examples, losing around 15% over three days although the former seemed to be recovering on Saturday with an 11% increase that went against the grain. Ripple was the currency which suffered most of the decline, however, since after reaching the $0.51 mark on Tuesday, it declined slowly to once again settle at the $0.45 level – a price not seen since BTC was at around the $6,500 mark.
Other currencies also suffered steep drops as the week went by as Bitcoin remained relatively stable. Ethereum performed a similar movement when it reached the $510 mark on Tuesday only to decline slowly by around 10% overall to settle at the $460 mark on Saturday morning at press time. The same could be said for Bitcoin Cash, which had even appeared to flirt with the $900 level off the Bitcoin boom but then it lost momentum and went down to the mid $770’s. Another coin which appeared to buck the trend was DASH which saw a considerable 8% increase on Friday to reach the $282 level after it dropped off slightly in the high $270’s on Saturday morning at press time.
A waiting game
As already indicated, Stellar had a meteoric rise mid-week where it rose to the $0.31 level on Binance, only for it to drop rather hard on Friday to around the $0.27 level – a decline of around 15%. NEO had a sharp rise on Tuesday where it touched the $0.40 level at one point but in unison with other alts, the price dropped to $33 at press time on Saturday. EOS also staged a fine recovery on Tuesday to Wednesday where the price rose by around 30% to exceed the $9 level but eventually it petered back across the week to just below the $8 mark.
The forthcoming week should be an interesting one to observe if altcoin prices will continue declining against Bitcoin’s stability. Or there could be a surge in prices as more money starts coming into alts whilst Bitcoin booms. At the moment it looks like a waiting game.
Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.