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Bitcoin rally slows down, but altcoins pick up pace

Bitcoin (BTC) has edged lower on Thursday, despite a strong start that saw its price rising to a near 10-month high.

The original cryptocurrency had a mostly lacklustre session on Wednesday. With its rally having stalled, the digital coin spent the better part of the session hovering around the $8,000 mark. However, BTC picked up during the final hours of the session and eventually finished the day at $8,205.17, up from its opening price of $7,989.37.

The coin continued its advance during the opening hours of today’s trading, which allowed it to break above the $8,300 mark for the first time since July 25, 2018. However, like in previous sessions, the coin’s morning push didn’t last very long. BTC has seen a significant pull-back in more recent trading and is now hovering just above the $8,000 mark.

While Bitcoin’s advance has stalled since the coin approached the $8,000 area, major altcoins have kept the larger cryptocurrency alive. The second-largest digital currency on the market, Ether (ETH), has gained nearly 15% in the past 24 hours to top the $260 mark for the first time since early September. Earlier today, the Ether price hit $269.54, which was its highest level since September 5. The coin closed yesterday’s session at $247.15, according to data from digital currency tracker Coinmarketcap.

Other major digital coins, such as XRP, Litecoin (LTC) and Bitcoin Cash (BCH), have also risen to multiple-month highs, while Binance Coin (BNB) earlier today reached a new all-time high price of $27.58. But the standout performer in the past 24 hours has been Stellar Lumens (XLM), which has gained more than 23% in that period.

In today’s trading, the Bitcoin price stood at $8,054.80, as of 10:31 BST. The digital coin has gained 0.8% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at $142.6 billion, which represents 56% of the combined value of all digital currency.

Featured image: Wit Olszewski / Shutterstock.com

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