Altcoins, Bitcoin, Cryptocurrency

Bitcoin Breached 19K, Altcoins Corrected Lower

The most prominent digital coin, bitcoin (BTC), surpassed the USD 19,000 level yesterday for the first time since December 2017. On the other hand, altcoins corrected lower.

At pixel time (10:09 UTC), BTC trades at USD 19,055 and is up by 2% in a day and 14.5% in a week. The price rallied by 45% in a month and 178% in a year.

Concurrently, other coins from the top 10 club dropped by 2%-8% in the past hour, trimming their substantial gains earlier Today.

Michael Sonnenshein, managing director at Grayscale Investments, which operates the largest exchange-traded crypto trust, recently told Bloomberg that,

“You suddenly have this nearly perfect backdrop that is not only lending validity to the asset class, but is also really demonstrating its staying power.” 

As mentioned by Sonnenshein, 

“it’s once again showing investors no matter how many times it gets challenged, that it has a way of emerging almost stronger or demonstrating its ability to be really, really resilient.”

However, Edward Moya, a senior market analyst at Oanda, is sceptical this run can keep going.

Moya mentioned to Bloomberg that, 

“Today’s outlandish calls seem primarily based on momentum mania. I doubt institutional traders will allow Bitcoin to only go in one direction,” 

Other reactions from our notable Bitcoin enthusiasts:

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