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CryptoWatch: Altcoins surge, pushing value of all cryptocurrencies to a 4-week high

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The value of all cryptocurrencies moved above $350 billion Thursday, with bitcoin — which accounts for more than 40% of all 1,575 digital currencies — recording back-to-back winning days.

A single bitcoin BTCUSD, +3.43% was last valued at $8,237.18, up 1%. However, for the second day running, bitcoin underperformed its smaller coin cousins, known as altcoins.

The highlight of trading this week has been the prevalence of short-term price fluctuations.

What’s with all this short-term volatility?

As highlighted Tuesday, one explanation for the volatile price changes could be large, one-time trades, often conducted by large holders referred to as bitcoin whales.

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