Bitcoin had been hovering around $7,500 during the day until it suddenly surged over $500 in just five minutes to the $8,391 price mark. At press time, the leading crypto is trading at around $8,541, up by nearly 15% on the day.
Following Bitcoin’s (BTC) sudden jump earlier in the day, altcoin markets have also entered the green zone, with some of the major cryptocurrency markets registering solid growth.
Top-20 coins are posting gains as well, with some of them seeing double-digit price increases. The major gainers on the list are Bitcoin Cash (BCH), Bitcoin SV (BSV) and EOS, having registered 20.5%, 20.08% and 15.21% increases in value over the past 24 hours.
Bitcoin 24-hour price chart.
Altcoins in the flash of green
The largest altcoin, Ether (ETH), has registered solid gains of 11.6% on the day to trade at around $181 at press time. However, Ether’s current price is not the highest on its monthly chart, as it posted $196.5 on Oct. 11.
Ether 24-hour price chart.
XRP is also seeing significant daily gains, up by over 8% at press time. The altcoin is currently trading at $0.299, while its highest price point on the day was $0.303.
XRP 24-hour price chart.
Tether (USDT), Unus Sed Leo (LEO) have experienced minor gains of 0.02% and 2.03% over the day, and are trading at around $1 and $0.971 at press time respectively.
Meanwhile, Tether is gaining popularity as a payment method, with some analysts seeing it catching up with Bitcoin and Ether. According to some experts, users choose Tether due to the stablecoin’s capability to avoid price fluctuations.
A professor at Stanford Graduate School of Business says cryptocurrencies will put an end to the windfall that banks currently enjoy from low-interest deposits, stating that cryptocurrencies are likely to upend banks’ business model within the next decade.
