Bitcoin prices are feeling the pull of gravity today, amid solid gains across many alternative cryptocurrencies.
Having soared to new record highs around $20,000 over the weekend, the world's largest cryptocurrency by market capitalization has since dropped to sub-$18,000 levels.
Bitcoin (BTC) has depreciated by 5.3 percent in today's session, and was last seen changing hands at $17,4500 levels, as per CoinDesks's Bitcoin Price Index (BPI).
Meanwhile, ether (ETH) and bitcoin cash (BCH) have both hit new all-time highs today (as per CoinMarketCap), having gained 16.6 percent and 26.6 percent, respectively, in the last 24 hours.
With the cryptocurrency market as a whole now worth over $630 billion, the top 10 cryptocurrencies by market capitalization are up at least 6 percent on the day.
A detailed look at the individual markets suggests that the money could be flowing out of bitcoin and into rival cryptocurrencies. For instance, the strong rally in bitcoin cash is backed by a surge in volumes on exchanges offering BCH/BTC pairs.
Having soared to new record highs around $20,000 over the weekend, the world's largest cryptocurrency by market capitalization has since dropped to sub-$18,000 levels.
Bitcoin (BTC) has depreciated by 5.3 percent in today's session, and was last seen changing hands at $17,4500 levels, as per CoinDesks's Bitcoin Price Index (BPI).
Meanwhile, ether (ETH) and bitcoin cash (BCH) have both hit new all-time highs today (as per CoinMarketCap), having gained 16.6 percent and 26.6 percent, respectively, in the last 24 hours.
With the cryptocurrency market as a whole now worth over $630 billion, the top 10 cryptocurrencies by market capitalization are up at least 6 percent on the day.
A detailed look at the individual markets suggests that the money could be flowing out of bitcoin and into rival cryptocurrencies. For instance, the strong rally in bitcoin cash is backed by a surge in volumes on exchanges offering BCH/BTC pairs.