Bitcoin (BTC) has been the undisputed leader of the crypto 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 caused a market-wide rally that lifted the price of large and small-cap altcoins.
When the price of Bitcoin goes up, most of the old school coins like Litecoin, Bitcoin Cash, XRP and Stellar tend to follow the movement after a short time. As BTC looks poised to hit new highs, let’s take a look at how so-called “dinosaur tokens” fare.
Litecoin (LTC) has often been touted as the silver of Bitcoin’s gold because its faster protocol was partially modeled after the flagship cryptocurrency, but modified to increase token supply and block time.
A notable change to the blockchain in recent years has been the addition of blockchain technology. Mimblewimble to help increase user privacy and network scalability.
Data of Cointelegraph Markets Pro Y TradingView show that, since hitting a low near $165 on Aug 31, LTC price surged 41% to hit a daily high of $233 on Sept 6, as the market-wide momentum following Bitcoin’s rally to $52,000 revived LTC price action.
It now remains to be seen if Litecoin can take advantage of this renewed momentum and continue to rise on its own merits or if the price will have to wait for more BTC gains.
Bitcoin Cash (BCH) is probably the most successful fork of the Bitcoin protocol to come out of the 2017-18 bull cycle and some would say it maintains a decent performance to this day.
Data of Cointelegraph Markets Pro Y TradingView show that Bitcoin Cash’s response to BTC’s rally was subdued compared to that of Litecoin, but its price was able to manage to rise from a low of $617 on August 31 to a daily high of $806 on September 6, an increase of 30 %.
The recent price action of BCH gave rise to the formation of a bullish handle cup pattern, as shown in a tweet from Twitter analyst Alex Clay, and Monday’s price movement suggests that the price could rise from these levels and head higher.
$BCH produced a cup & handle pattern
Bull if flips above s/r horizontal (also neckline of the pattern.) pic.twitter.com/KeBh8V5Jtb
— Alex Clay (@cryptclay) September 3, 2021
BCH drew a cup with a handle pattern.
Bullish if it makes a change from support to resistance above the horizontal (also the neckline of the pattern).
XLM / USDT
Stellar (XLM) is a project from the 2017 period that was born after co-founder Jed McCaleb left Ripple in 2013 due to differences regarding the future direction of the company. Stellar had a similar design and circulating supply as the Ripple project when it was first launched, but has since gone its own development path.
The network has become one of the main options for companies and governments exploring the idea of launching protocols on its low-cost and scalable platform. These features make it an ideal candidate for hosting stablecoins and central bank digital currencies (CBDCs).
Data of TradingView show that Since hitting a low of $0.324 on Aug. 31, XLM price surged 29% to hit a daily high of $0.42 on Sept. 6.
VORTECS™ data from Cointelegraph Markets Pro they started spotting a bullish outlook for XLM on August 31, prior to the token’s recent rally.
Exclusive to Cointelegraph, the VORTECS™ Score is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trade volume, recent price movements, and Twitter activity. .
As seen in the graph above, XLM’s VORTECS™ score climbed into the green zone on August 30 and reached a high of 74 on August 31, some 16 hours before its price rose 29% over the 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 trading move involves risks, you should do your own research when making a decision.
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Bitcoin price at $52,000 triggered a rally in large-cap altcoins like Litecoin, Stellar, and Bitcoin Cash