As Bitcoin Remains Strong, Altcoins Rally Behind

Bitcoin's recovery from its dip this week has brought a variety of altcoins up with it including Zcash and LINK.

Bitcoin dropped from its above $40,000 levels down to just below $30,000 on Monday, but many traders bought the dip so the leading cryptocurrency has recovered. At the time of writing Bitcoin is trading hands for $38,820 and is up 6.88%.

European Central Bank President Christine Lagarde called for global regulation of digital assets like cryptocurrencies this week, a move which is supported by many who seek regulatory clarity but others argue that even regulation in the traditional space is still flawed. As calls for regulation grow, investors may turn to privacy coins like Zcash. At the time of writing, Zcash is trading for $108 and is down 6%.

LINK is also benefiting from Bitcoin's rally, which is being noticed by Crypto Twitter. At the time of writing LINK is trading for $17.01 and is up 7.60%. One popular crypto commentator, CryptoJohnGod, wrote "$LINK is absolutely about to moon to $40 and barely anybody on Twitter is talking about it."

When Bitcoin rallies, it often pulls altcoins along with it. The community will have to wait and see if the supplemental rallies have staying power.

By Emily Mason

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