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Bitcoin, Altcoin Rally Stalls, Ripple Moves XRP

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Bitcoin remains comfortably well the USD 10,000 mark. But despite a second day of growth, with prices steadily climbing towards USD 11,000, investors appeared to have been spooked late on Tuesday night (GMT).

Source: iStock/Nikada

A number of popular altcoins had also been showing upward growth, with hints of market buoyancy across the board. However, traders had a scare at around 11pm UTC on Tuesday when BTC prices dropped from 10,700 to just over 10,600 in just five minutes, with many altcoins following suit.

Per Coinpaprika data at the time of writing, Bitcoin prices were recovering slightly to USD 10,639, and BTC’s 24-hour price was still up by over 3.02%.

Source: Coinpaprika.com

Among the major altcoins with the highest day-on-day growth, Litecoin was looking like being the biggest winner of the day, with 24-hour growth of over 4%. But the token was among those hardest hit by the sudden dip.

Source: Coinpaprika.com

Ethereum and XRP made more modest 24-hour gains of under 1%, but ETH prices also took a tumble at around the same time as other coins.

Source: Coinpaprika.com

Positive developments affecting the market may include the unveiling of a limited-accessibility Bitcoin ETF for institutional investors in the United States from VanEck Securities and SolidX Management – as reported on Cryptonews.com.

Meanwhile, Whale Alert data shows that Ripple moved XRP 500 million (approximately USD 130 million) from an escrow wallet on Tuesday September 3 at 04:45 UMT.

The news comes hot on the heels of a Ripple-related announcement from the American company’s most powerful Asian partner, SBI Group. SBI will make use of a Ripple DLT solution for a cashless remittance drive – and has added four major Japanese banks to its 29-member strong list of investors.