n Friday, bitcoin shocked analysts and investors alike when it made a sudden run from $5,650 to $6,000 following a day of sideways trading. It fluctuated around that level leading into the weekend, and on Saturday it fought its way through the $6,100 barrier, eventually extending as high as $6,200 on Bitfinex.
At present, the bitcoin price is trading at a global average of $6,189, although BTC/KRW has already risen to an equivalent price of $6,308 on Korean exchange Bithumb.
Significantly, the bitcoin price rally has not reverberated throughout the markets. As the chart below demonstrates, most altcoins have seen their price against bitcoin plummet over the duration of the past week. Ethereum, for instance, has dropped 20% against bitcoin, while ripple has plunged by nearly 30%. Altogether, five cryptocurrencies in the top 10 have posted double-digit declines against bitcoin, and only eighth-ranked bitconnect has managed to make positive movement.