Over the last 24 hours, BTC is up roughly 6.7% to $9,900, breaking $10,000 on certain exchanges before pulling back.
Despite the strength shown by the leading digital currency, altcoins have lagged behind BTC in the latest move. For example, Ethereum (ETH) and XRP (XRP) are currently up 3.5% and 1.8%, respectively, on the day.
This relative lag suggests investors may be swapping their more volatile altcoins for BTC in preparation of a larger move. Of course, the anticipation of a major rally stems from the upcoming block halving event that will occur in roughly 3 days, as the reduction in BTC mining rewards is generally expected to be a bullish catalyst based on past halvings.
Time will tell whether or not we are looking at a sell-the-news type of situation or whether BTC’s 40% rally over the past month is just the start of a larger move.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.