Often, the value of altcoins moves in step with Bitcoin. Not today.

Altcoins in general made a dramatic comeback against the value of Bitcoin today. In particular, Litecoin surged to gain around 50% of its value against the value of Bitcoin.

Why did this happen?

Coinbase fell victim to its own success, unable to keep up with Bitcoin demand yesterday. Additionally, Bitcoin itself was back-logged by more than 300 000 transactions jamming up its memory pool at one point. It is likely that many buyers chose to instead stock up on Litecoin as it was not experiencing the same issues and is, in general, a far more portable coin that is cheaper and faster to transact.

In general, traders were also taking their profits from Bitcoin and re-investing them into alt-currencies, as many coins experienced a significant up-tick today.

Expect another run in Bitcoin before December 10 as day-traders will likely take their newly-gained profits from altcoins and re-invest in Bitcoin before the launch of the CBOE futures on December 10.

*This is not professional trading advice - just my opinion!

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