Bitcoin is not the only cryptocurrency that has been posting strong gains lately.
Ether, XRP and a handful of so-called “Altopox,” or alternative cryptocurrencies, cried out on Monday after the world’s most famous digital currency.
According to data from industry site CoinDesk, around 9:15 pm ET, Ether crossed the $ 600 level, a point that has not been reached since June 2018. XRP at one time rose 29% to nearly 55 cents, its highest level in two years.
Ether was trading up nearly 8% in the last 24 hours at $ 595, having previously risen by 13%, while XRP was up 19% at around 54 cents. Both are about 350% and 180% year-on-year respectively.
Investors in the crypto industry said that altcoins were tracking the pace that has seen bitcoin growth recently. Bitcoin crossed the $ 18,000 limit last week and is nearing an all-time high near $ 20,000, which hit in late 2017 before falling as low as $ 3,122 in late 2017.
Peter Wall, CEO of Peter Wall, based in London, said, “What you usually see in space is bitcoin moves and then after some time – maybe a few weeks, maybe a month. Argo blockchain, the crypto mining firm Told CNBC. “Bitcoins follow lead and Altocorps.”
Another altcoin, Chanlink, rose around 6% to around $ 15. This is currently over 740% since the beginning of the year.
Chanlink is often associated with a concept called “defi”, or decentralized finance, which aims to recreate traditional financial products such as loans without intermediaries like banks.
Defy has become a popular topic in crypto this year, with many new projects emerging. This was compared to the early coin offering, or ICO, frenzy of late 2017 that saw several new virtual coins appear.