Bitcoin isn’t the only cryptocurrency posting strong gains lately.
Ether, XRP and a handful of other so-called “altcoins,” or alternative cryptocurrencies, rallied Monday, following the world’s best-known digital currency higher.
At around 9:15 a.m. ET, ether passed the $600 level, a point it hasn’t reached since June 2018, according to data from industry site CoinDesk. XRP at one point surged 29% to almost 55 cents, hitting its highest level in over two years.
Ether was last trading up about 8% in the last 24 hours at $595, having earlier risen as much as 13%, while XRP was 19% higher at around 54 cents. Both are up about 350% and 180% respectively year-to-date.
Crypto industry investors said altcoins were tracking the momentum that has seen bitcoin surge recently. Bitcoin last week crossed the $18,000 threshold and is close to an all-time high near $20,000, which it hit in late2017 before slumping as low as $3,122 the following year.
Another altcoin, Chainlink, rose as much as 6% to around $15. It’s currently up more than 740% since the start of the year.
Reference: CNBC
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