Daily crypto: Bitcoin rallies $400 in minutes – other currencies follow suit

Daily crypto: Bitcoin rallies $400 in minutes – other currencies follow suit.

Image source: Shutterstock / Trijo News

Christian Ploog

christian.ploog@trijo.co

The rally might have to do with the decisions regarding new bitcoin ETFs that are expected later this week. At the same time, the number of bets against the bitcoin price are nearing record highs.

During the night, the bitcoin price rallied. From yesterday’s price of just over $6,400 to just over $6,800.

That is an increase of $400 in just a few minutes, according to the cryptocurrency exchange Bitstamp.

Bitstamp August 22, 2018.

Bitstamp August 22, 2018. Image source: Bitstamp/tradeview

The upturn seems to have coincided with when the trading platform Bitmex went offline to carry out scheduled maintenance.

The rally could also be related to the decisions regarding new bitcoin ETFs that are expected to come later this week, Coindesk writes.

At the same time, the number of bets against the bitcoin price – so-called short orders – are nearing record highs.

Exactly where the price is heading after this thus remains to be seen.

Other cryptocurrencies follow suit

The bitcoin (+3,66%) price rally has also brought with it other big cryptocurrencies, which all now show green numbers. For example, the prices for eos (+3,70%), bitcoin cash (+2,71%) and xrp (+2,13%) have soared.

The cryptocurrencies on top 100 that performed the best were cortex (+24,08%) and waltonchain (+16,63%), and the ones that have performed the worst were kin (–5,29%) and aion (–4,72%).

Asset: Price: % (24h)*
Bitcoin $6 685,15 +3,66%
Ethereum $285,01 +0,60%
Xrp $0,341607 +2,13%
Bitcoin cash $548,61 +2,71%
Eos $5,05 +3,70%

*All numbers in this article are from Coinmarketcap.com.

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