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Bitcoin rivals, including apollo, augur, loopring, power ledger, status, zilliqa, and steem, have risen sharply over the last 24 hours as speculation & nbsp; swirls some may be listed on major cryptocurrency exchanges and wallet providers while other so-called altcoins make development strides.
Bitcoin and cryptocurrency traders are scrambling to understand the huge market moves, with many of the digital tokens sporting such low daily trading volumes that a few large trades are able to move prices significantly.
The sudden market moves by these relatively minor cryptocurrencies highlights how the sector is diverging from bitcoin, which has fallen over the past 24 hours-down & nbsp;by almost 1%.
The bitcoin price has been struggling so far this year is a bear market that consumed the sector.Getty
"There will always be some level of correlation in broad markets. Tightly correlated to bitcoin," said Mati Greenspan, senior market analyst at eToro broker.
"It said that these are sudden leaps. & Nbsp; What we're seeing now is the effect of a flat market-the overall sentiment noise is dying down and individual token developments are getting more attention."
Many investors will be keenly watching these smaller cryptocurrencies can hold on to their recent gains, but
"I'd expect that bitcoin and major token correlation to these altcoins to snap right back," Greenspan added.
Augur, a decentralized platform app looking to rival ethereum, is the largest cryptocurrency by market & nbsp; capitalization to leap sharply higher, adding some 33% over the last 24 hours. Augur & nbsp; was earlier up by & nbsp; 50% before & nbsp; paring & nbsp; back gains, according to bitcoin and cryptocurrency data site & nbsp;CoinMarketCap.
Adding to speculation augur could be listed on major cryptocurrency exchanges, the platform has also launched a new peer-to-peer prediction market called Veil which allows users to bet a wide variety of topics, including things like the Oscars.
Decentralized app platform augur is the largest cryptocurrency to leap higher, with bitcoins nowhere to be seen.CoinMarketCap
Meanwhile, power ledger has been nominated for Newsweek's first-ever Blockchain Impact Awards.
Bitcoin investors and traders are, however, settling in for a long crypto winter following warnings the bear market could well drag on throughout 2019.
"I think that it's likely we kind of just go sideways for a while right," Anthony Pompliano, crypto investment partner at Morgan Creek Digital Assets, told & nbsp; CNBC Africa's "Crypto Trader" program last week.
"If you look at bitcoin's price, I do not know somewhere between like $ 2500- $ 4500 for a good portion of the year is probably based on what we're seeing."
The bitcoin price has traded sideways over the last week, despite some wild swings.CoinDesk
In some good news for the bitcoin sector, bitcoins and bitcoins cash payment processors BitPay has reported a record year, processing some $ 1 billion in transactions.
BitPay also set a record for transaction fee revenue, adding a number of high-profile customers including Dish Networks, HackerOne and the State of Ohio.
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Bitcoin rivals, including apollo, augur, loopring, power ledger, status, zilliqa, and steem, have risen sharply over the last 24 hours as speculation swirls some may be listed on major cryptocurrency exchanges and wallet providers while other so-called altcoins make development strides.
Bitcoin and cryptocurrency traders are scrambling to understand the huge market moves, with many of the digital tokens sporting such low daily trading volumes that a few large trades are able to move prices significantly.
The sudden market moves by these less minor cryptocurrencies highlights how the sector is diverging from bitcoin, which has fallen over the past 24 hours-down by almost 1%.
The bitcoin price has been struggling so far this year is a bear market that consumed the sector.Getty
"Mati Greenspan, a senior market analyst at eToro broker, said:" There will always be some level of correlation in broad markets.
It said that, when you have a news story that highlights a development.-the overall sentiment noise is dying down and individual token developments are getting more attention. "
Many investors will be keenly watching these smaller cryptocurrencies can hold on to their recent gains, but
Greenspan added, "I'd expect it to be bitcoin and major token correlation between these altcoins."
Augur, a decentralized platform app looking to rival ethereum, is the largest cryptocurrency by market capitalization to leap sharply higher, adding some 33% over the last 24 hours. It was earlier up by 50% before paring back gains, according to bitcoin and cryptocurrency data site CoinMarketCap.
Adding to speculation augur could be listed on the market.
Decentralized app platform augur is the largest cryptocurrency to leap higher, with bitcoins nowhere to be seen.CoinMarketCap
Meanwhile, power ledger has been nominated for Newsweek's first ever Blockchain Impact Awards.
Bitcoin investors and traders are, however, settling in for a long crypto winter following warnings the bear market could well drag on throughout 2019.
"I think that it's likely," Anthony Pompliano, a crypto investment partner at Morgan Creek Digital Assets, told CNBC Africa's "Crypto Trader" program last week.
"You know, if you look at bitcoin's price, I do not know somewhere between like $ 2500- $ 4500 for a good portion of the year is probably based on what we're seeing."
The bitcoin price has traded sideways over the last week, despite some wild swings.CoinDesk
In some good news for the bitcoin sector, bitcoin and bitcoin cash payment processors BitPay has reported a record year, processing some $ 1 billion in transactions.
BitPay also set a record for transaction fee revenue, adding a number of high-profile customers including Dish Networks, HackerOne and the State of Ohio.
