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Bitcoin Cash, Ethereum, and other altcoins follow Bitcoin’s lead and pump by more than 6% in under 2 hours

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Bitcoin Cash, Ethereum, and other altcoins follow Bitcoin's lead and pump by more than 6% in under 2 hours
Source: Unsplash

Although the price of each cryptocurrency should matter on its own status and developments in its own ecosystem, it doesn’t. The price of altcoins is largely correlated to Bitcoin’s, which explains this pump in altcoins.

The second largest cryptocurrency, Ethereum, pumped by more than 7% in less than 2 hours, which was the same case for Bitcoin Cash. The price of Ethereum, at press time, was $249 and had a market cap of $26 billion.

Source: TradingView

Bitcoin Cash, the fourth largest cryptocurrency, pumped by 8% in under two hours. The price reached $385 and the market cap hit $6.7 billion.

Source: TradingView

The amount of Bitcoin Cash transferred in 24-hours was almost equivalent to its market cap, which is massive, and in simple terms, explains how Bitcoin Cash is better than Bitcoin in terms of scaling and transaction settling.

Other altcoins followed Bitcoin’s lead as they pumped; XRP, EOS, Litecoin, and Stellar Lumens surged by approximately 6% in less than 2 hours. However, Binance Coin didn’t react to the pump in Bitcoin’s prices.





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