Wednesday, September 28

Bitcoin price of $ 52K triggers a rally in big caps like Litecoin, Stellar and Bitcoin Cash


Bitcoin (BTC) has been the undisputed leader of the cryptocurrency market since its creator launched the digital asset in 2009 and, to this day, remains the dominant force in the industry.

This truth was revealed on September 6 when the price of BTC surged to the $ 52,000 level and triggered a market-wide rally that pushed the price of both large and small cap altcoins up.

When Bitcoin recovers, most of the legacy currencies such as Litecoin, Bitcoin Cash, XRP, and Stellar tend to move in tandem. Now that BTC seems ready to test new highs, let’s take a look at how the so-called ‘dinosaur tokens’ are doing.

LTC / USDT

Litecoin (LTC) has often been touted as the silver of Bitcoin’s gold because its faster protocol was partially modeled from superior crypto, but modified to increase token supply and lockout time.

One notable blockchain modification in recent years was the addition of Mimblewimble technology to help increase user privacy and network scalability.

Cointelegraph Markets Pro data and TradingView shows that since hitting a low near $ 165 on Aug 31, LTC price rose 41% to a daily high of $ 233 on Sept 6 as momentum across the market since Bitcoin’s rally at $ 52,000 it brought life to the market.

LTC / USDT 1-day chart. Source: TradingView

Now it remains to be seen if Litecoin can capitalize on this increase in momentum and continue to climb higher on its own merits or if the price will have to wait for more rise from BTC.

BCH / USDT

Bitcoin Cash (BCH) is probably the most successful hard fork of the Bitcoin protocol to emerge from the 2017 to 2018 bull cycle and some would say it maintains a decent following to this day.

Cointelegraph Markets Pro data and TradingView shows that Bitcoin Cash’s response to BTC’s rally was muted compared to Litecoin, but its price still managed to rise from a low of $ 617 on Aug. 31 to a daily high of $ 806 on Sept. 6, a rise from the 30%.

BCH / USDT 1-day chart. Source: TradingView

The recent price action for BCH resulted in the formation of a bullish cup and handle pattern as shown in a tweet from Twitter analyst Alex Clay and Monday’s price movement suggests that the price could break out of these levels and rise.

Related: Bitcoin Keeps $ 51K: Here Are BTC Price Levels To Watch

XLM / USDT

Stellar (XLM) is a 2017-era project that emerged after co-founder Jed McCaleb left Ripple in 2013 due to disagreements over the future direction of the company. Stellar had a similar circulating design and supply to the Ripple project when it was first launched, but has since veered onto its own development path.

The network has now become one of the main options for companies and governments exploring the idea of ​​launching protocols on its low-cost and scalable platform. These characteristics make it a suitable candidate for hosting stablecoins and central bank digital currencies.

XLM / USDT 1-day chart. Source: TradingView

Data of TradingView shows that since hitting a low of $ 0.324 on Aug 31, XLM price rose 29% to a daily high of $ 0.42 on Sept 6.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for XLM on August 31, ahead of the recent price surge.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter

VORTECS ™ score (green) vs. XLM price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS ™ score for XLM climbed into the green zone on August 30 and peaked at 74 on August 31, around 16 hours before its price increased by 29% over the years. next five days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you should do your own research when making a decision.