XRP has risen to 16-month highs, joining the group of cryptocurrencies following Bitcoin’s rally.
XRP, developed by the notorious blockchain firm Ripple Labs, increased to as high as $0.437554 before retreating to $0.413653, reaching its highest price mark since July 2019.
The third-largest digital currency by market capitalization has gained an impressing 34% in the past 24 hours, further expanding the year-to-date price increase to 117%.
Other alternative cryptocurrencies such as Litecoin, Ether, Cardano, EOS, Bitcoin SV, Tron, and Tezos are also marking significant increases. Most of these digital currencies have taken a bullish stance in the past week, seemingly following Bitcoin‘s fast movement towards the record mark of $19,782 reached back in December 2017.
“Alternative coins are high beta assets and traditionally move in the same direction as Bitcoin, but more,” analyst Alex Kruger noted on Twitter. Alternative cryptocurrencies can be considered as viewed Bitcoin bets, stated Kruger.
Bitcoin, the leading cryptocurrency by market cap, has experienced a steep rally from a price of $10,000 to almost $19,000 in the past two months.
At the currency price of $18,734, Bitcoin is a little above 5% from establishing a new record, while XRP is still lacking around 89% from its high of $3.85 that was set in January 2018, data provided by Messari reveals.
