Why Altcoins Were on Fire Today
Fear of missing out, or FOMO, can be a powerful inducement for investors, particularly in the volatile world of cryptocurrency. On Wednesday, the emotion helped push the world's most popular digital coin to price levels it hasn't seen in years.
As is often the case, on the back of that increase, a large number of altcoins followed suit, with more than a few rising at a double-digit percentage. As of that afternoon, Toncoin (CRYPTO: TON) was up by 15%; Aptos (CRYPTO: APT) had advanced at a nearly 22% clip; and Fantom (CRYPTO: FTM) was moving 4% higher. One rare exception was Theta Network (CRYPTO: THETA), which, after a bullish run, was settling down with a 0.5% correction.
The coin a great many of those investors fear missing out on is -- it will come as no surprise -- Bitcoin (CRYPTO: BTC). On Wednesday, the first and most prominent cryptocurrency crossed the $60,000 barrier. At one point, it traded in excess of $64,000 apiece before mellowing down to around the $61,000 level.
Source Fool.com
