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Traders prop up alternative cryptocurrencies after Bitcoin lull

Cryptocurrency traders are switching targets following a lull in the price change of Bitcoin, looking at alternatives while the industry waits for action from the Chinese central bank.

Trades through Bitfinex, one of the world’s largest exchanges, has fallen by 50% on average, while transaction volume at other major sites like Huobi, OKCoin and BTCC has also decreased. The shortage of trades has seen Bitcoin’s price stabilise at around $950-1000.

It seems, though, that traders are moving onto other forms of digital currency. According to CoinDesk, eight out of the 10 top cryptocurrencies in the world have been on the up. Monero, a token that powers a digital signatures blockchain, is up 5.6% while Dash has climbed by 8.6%.

It’s unknown how long this boon will last for the “altcoins”. While traders await more news from the People’s Bank of China, however, the good times are rolling.

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