Bitcoin Price Marches Towards $1,500, Altcoins Feel The Pinch
$1,500 is within Bitcoin’s sights for the first time ever as altcoins reverse gains from previous days.
Bitcoin price is hurtling towards the historic $1,500 line having gained $70 in the 24 hours to press time Tuesday.
The surprising surge has put pay to the past week’s altcoin pump, with the top 10 losing between three and 15 percent overnight, data from Coinmarketcap shows.
A particular loser was Ethereum Classic (ETC), which had previously shot up as investor poured in following the announcement of a dedicated fund from Barry Silbert.
Ethereum price (ETH) also declined around six percent to $77, having previously broken all-time highs north of $80.
The results form something of a pattern, with growth in Bitcoin of several percentage points in a short period having reversed altcoin fortunes in the past.
Reacting to the rearrangement of price indexes, Silbert remained unfazed, commenting that “Bitcoin appears to be the new Bitcoin.”
Apparently bitcoin is the new bitcoin— Barry Silbert (@barrysilbert) May 1, 2017
Monday also saw him celebrate subsidiary company Grayscale Investments’ milestone $250 mln of assets under management of the Ethereum Classic Investment Trust and Bitcoin Investment Trust.
Factors behind Bitcoin’s rise meanwhile are tending to increasingly include noises from Japan. The country is producing significant trading volumes and last month unveiling set rules for exchanges looking to operate there.