Bitcoin Price Rallies to Touch $8,600 While Altcoins Follow

By Joeri Cant

Wednesday, Oct. 9 — Bitcoin (BTC) continues its rebound, jumping $400 in a few hours, while altcoins rally in sync with BTC.

The world’s most popular crypto coin rallied from an intraday low of around $8,200 up to its current trading price near $8,600, showing impressive gains of over 5% in the past 24 hours, while a vast majority of the top 100 crypto coins are pumping in sync with BTC and are recording major double-digit gains.

Ether (ETH), meanwhile, followed suit and rallied in sync with most of its fellow altcoins, showing a more than decent gain of nearly 7% on the day. The second-biggest cryptocurrency by market cap hit its intraday low at $179 and has since found its way to $191.58 per coin at press time. However, its price is still down 14% from the high of $222 in mid-September.

Bloomberg reported that the overall impressive price gains are partly the result of an update on the development of the next-generation Ethereum network and new financial apps at the Devcon 5 conference, currently happening in Osaka, Japan. Josh Lim, head of trading strategy at Galaxy Digital said:

“Today, and starting over the last week, we’ve seen a resurgence of interest in alt-coins. The leaders in that regard have been Ethereum and Ripple.”

Ripple’s XRP is showing positive gains of 2.68% over the past 24 hours and is trading at about $0.281 per coin at press time. Cointelegraph recently reported that the United Kingdom-based financial software firm Finastra partnered with Ripple to join RippleNet, a global blockchain payments network with over 200 members, to provide faster and cheaper cross-border payments.

All of the top-20 coins are showing gains today. Ethereum Classic (ETC), the number 20 coin by market capitalization, is up 11.33% on the day, while Chainlink (LINK) takes the title of the biggest gainer among the top cryptos at press time, up nearly 14% on the day.

The overall cryptocurrency market cap increased from $222 billion to $232 billion, with Bitcoin making up 66.7% of the total.