Over the past seven days, altcoins have absolutely exploded in value with top winner Bitcoin Cash (BCH) adding a whopping 47 percent to its value.
Close behind is Ripple’s XRP token with an added 20 percent in value and Stellar (XLM) and Cardano (ADA) each gaining around 16 percent. EOS, Ethereum, Litecoin (LTC) and TRON are each up around 12 percent with Monero bringing up the rear with only 8 percent gains.
Crypto stalwart Bitcoin (BTC), by comparison, is floundering far behind with less than 4 percent in profit, suggesting fresh interest in alternative coins has entered the market.
The meteoric rise of Bitcoin Cash (BCH) this week can be attributed to increased support for the upcoming November 15 hard fork proposed by original BCH developer Bitcoin ABC. Large crypto exchanges such as Binance and BitMex have announced that they will be supporting the fork, which has seen resistance from Craig Wright of nChain’s own Bitcoin SV hard fork which suggests a slightly different implementation. As a result of the confusion, Bitcoin Cash (BCH) has suffered decreasing value for the past few months as investors lose trust in the project.
Ripple (XRP) has been the second strongest supporter of crypto markets this week, assisting Bitcoin Cash in adding billions to the overall market capitalization. XRP has benefited vastly from being added to new Canadian-exchange CoinField as the base currency, offering over 20 trading pairs in 61 countries.
While Bitcoin is lagging behind by comparison to other coins, it has managed to surpass the significant psychological level of $6,500, something it has been struggling to do for months now. This will no doubt prompt a wave of fresh positivity into the market and attract some much-needed liquidity.