The selloff in altcoins, coins alternative to bitcoin, has abated somewhat Wednesday, with all major altcoins bouncing off overnight lows.
The recent demise in small-cap coins has pushed bitcoinâs share of all digital currencies to a nine-month high of 58.1%, up from 37.9% to begin 2018, according to data from CoinMarketCap.
In Wednesday trading, bitcoin
Â was last changing hands at $6,319.55, up 1.1% since Tuesday at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
Ether, the largest altcoins, continues to flounder, trading to a fresh 14-month low of $167.16, as most industry pundits continue to hypothesize whatâs behind the demise of the popular digital currency. âMuch to the chagrin of many crypto-enthusiasts, the bear market has continued over the last few days, with ethereum seemingly leading the charge,â wrote Mati Greenspan, senior market analyst at eToro.
âThe general direction of the market is pretty clear, but it remains a mystery is why ethereum is losing ground faster than most other major crypto assets.â Greenspan added the comments from ethereum co-founder Vitalik Buterin Sunday didnât help the plight of the second largest digital currency.
âThe blockchain space is getting to the point where thereâs a ceiling in sight. If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isnât an opportunity for yet another 1,000-times growth in anything in the space anymoreâ
Read: Traders are making record bets for digital currency Ether to fall
Â has clawed back most of Wednesday losses and was last down 0.5% at $180.78. Other altcoins are showing signs of life Wednesday. Bitcoin Cash
was down 1.1% to $430.20 after trading as low as $410.50, Litecoin
was up 1.9% at $51.81 and Rippleâs XRP coin
was at 27 cents, up 4.2%.
Read: Are cash-strapped ICOs behind Etherâs underperformance?
Bitcoin futures traded higher Wednesday. The Cboe Global Markets Group Inc.âs September contract
finished up 1% at $6,290, while the comparable CME Group Inc. September contract
also closed trading at $6,290.
Read: Bitcoin is flirting with a new low for the year after the SEC stopped trading on 2 funds
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