Altcoins are catching up to Bitcoin’s rally

Oct 8, 2021 By: BI India Bureau Credit: Canva

The crypto market is down by 0.4 percent today

The global crypto cap currently stands at $2.29 trillion

Cryptocurrencies are likely to trend higher from here on...

The word ‘Uptober’ has made its appearance on social media after a bearish September Credit: Canva

For now, Bitcoin’s epic rally over the last one week has come to a halt

While altcoins are finally catching up

Bitcoin’s price is at $53,864

It has dipped by 2.27 percent in the last 24 hours Credit: Canva

JPMorgan attributes Bitcoin’s past bull run to three possible factors

Assurance that US won’t ban Bitcoin, boost in El Salvador’s Bitcoin adoption and re-emergence of inflation concerns among investors

Ether is continuing its uptick, priced at $3,566

The cryptocurrency has risen by 1.2 percent in the last 24 hours

According to analyst Justin Bennett, Ethereum still has a long way to go

He estimates that the cryptocurrency could rise by another 730 percent in the next six months

During Ethereum’s rally, miner balances have skyrocketed

According to crypto tracker Whale Alert, over $2.2 billion has poured into ETH this week across 11 separate transactions

Binance Coin is at $431.64

It is up by 0.59 percent in the last 24 hours Credit: Canva

Binance, the firm behind the Binance Coin, is expanding its footprint

The world’s largest crypto exchange plans to establish new offices in Ireland, and has already registered three new firms Credit: Canva

Cardano, which was left behind in this week’s rally, is at $2.26

It is up by 4.56 percent in the last 24 hours

Analysts are hopeful that Cardano will return above $3

And, perhaps regain its coveted third spot, which it lost to Binance Coin during September’s fall

Ripple’s XRP is at $1.06

Up by 0.45 percent in the last 24 hours Credit: Canva

Solana is at $154.42

The Ethereum-competitor by 1.15 percent since yesterday Credit: Canva

Polkadot is at $33.55

It is up by 6.43 percent in the last 24 hours Credit: Canva

Web3, Polkadot’s wallet platform, raised $2.35 million

The money will be used to offer additional wallet functionality by the end of November

Dogecoin is at $0.2431

Down by 0.68 percent over the course of one day

Disclaimer

These are the top cryptocurrencies by volume according to CoinMarketCap | Prices updated as of October 8, 9 am IST and may change over the course of the day Credit: Canva

Bitcoin continues to rally as altcoins turn bearish