Bitcoin matched Monday's high near $87,300 before running into the same selling, while Bitcoin Cash surged 28% on a CME futures listing and ZEC added 9%.
Bitcoin Cash jumped 28% to nearly $349 over 24 hours, the largest move among sizeable tokens, after CME Group said on Monday it will list Bitcoin Cash and Uniswap futures from Oct. 19.
Futures on a regulated U.S. exchange give funds a way to take a position without holding the coin, which matters for institutions whose mandates bar them from custodying crypto directly. It also gives market makers a hedging venue, which usually tightens spot pricing.
Bitcoin itself is trading around $85,800, down under 1% over 24 hours after matching Monday's intraday high near $87,300 and meeting the same selling into it. ZEC rose 9% to just above $1,646 and XRP 3% to nearly $1.59, while TRX fell 2%.
"Optimism in the altcoin market and in equities suggests that we are witnessing a temporary shift of speculative capital from the leading cryptocurrency into altcoins," Alex Kuptsikevich, senior analyst at FxPro, said in an email to CoinDesk. "Many investors had parked their cryptocurrency-allocated capital in the most liquid asset class and are now seeking more profitable opportunities."
"In such situations, there has previously been a slowdown but not a reversal in BTC, as price pullbacks have attracted new buyers who had previously kept their money out of the risky crypto market," he added.
On BCH specifically, the note pointed out the token has only climbed back to levels last seen in the second half of May, after reversing near $660 in early January and falling to $190.
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