Bitcoin (BTC) hovered near the $50,000 mark at press time late night Monday having risen nearly 8.2% over a seven-day trailing period, but at least six cryptocurrencies rallied over 100% in the same period.
What Happened: BTC, which reached its all-time high of $49,487.64 on valentine’s day was outpaced on a seven-day basis by these coins:
The Graph (GRT) rose 129.41% in the period and was trading 14.27% higher over a 24 hours period at $2.23 at press time. Ravencoin (RVN) was up 122.17% over seven days and 15.73% over 24 hours at $0.082.
Icon (ICX), Bitcoin Gold (BTG), Dash (DASH) ad Lisk (LSK) all rose 120.70%, 111.05%, 108.19% and 104.87% on a seven-day basis.
All these coins traded in the green at the press time. ICX was up 41.69% at $1.84, BTG traded 3.14% higher at $28.37.
DASH and LSK were up 24.68% and 11.37% at $262.26 and $3.44 respectively.
Why It Matters: The price movement in the Graph is partly driven by a buzz on social media. This was also evident in the case of RVN on the r/Ravencoin Reddit forum.
Cointelegraph noted a boost in the prices of privacy-oriented coins such as DASH and Monero (XMR).
Benzinga’s Take: Every time Bitcoin (BTC) runs up significantly higher, momentum in altcoins has been observed, as investors look for lower-priced assets to enter the market. The cryptocurrencies with smaller market capitalizations pose a significant risk and retail buyers should perform due diligence over the projects backing these coins before considering an investment.
Price Action: BTC traded 4.59% higher at $49,416.64 at press time. Ethereum (ETH) traded 4.99% higher at $1,817.70.
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