Bitcoin (Bitcoin) Since its creator launched the digital asset in 2009, it has been the undisputed leader in the cryptocurrency market. So far, it is still the dominant force in the industry.
This truth was revealed on September 6, when the BTC price rose to the level of $52,000 and triggered a rebound in the entire market, thereby increasing the price of small and large altcoins.
When Bitcoin rises, most traditional tokens, such as Litecoin, Bitcoin Cash, XRP and Stellar, tend to rise simultaneously. Now that BTC looks ready to test new highs, let’s take a look at how the so-called “dinosaur token” does it.
Table of Contents
LTC/USDT
Litecoin (LTC) Is often touted as the silver of Bitcoin gold because its faster protocol partially mimics the top cryptocurrencies, but has been modified to increase token supply and block time.
A significant modification to the blockchain in the past few years is the addition of Mimblewimble technology to help improve user privacy and network scalability.
Data from Cointelegraph Markets Pro with Transaction view Shows that since hitting a low near US$165 on August 31, the price of LTC has risen by 41% to a daily high of US$233 on September 6, as the entire market momentum from Bitcoin’s recovery to US$52,000 has brought the market Vitality.
What remains to be seen is whether Litecoin can take advantage of this surge and continue to climb with its own advantages, or whether the price will have to wait for BTC to rise further.
BCH/USDT
Bitcoin Cash (Bitcoin cash) May be the most successful hard fork of the Bitcoin protocol that appeared in the bull market cycle from 2017 to 2018. Some people would say that it still maintains a good following.
Data from Cointelegraph Markets Pro with Transaction view It shows that compared with Litecoin, Bitcoin Cash has a milder response to the recovery of BTC, but its price still managed to rise from a low of $617 on August 31 to a daily high of $806 on September 6, an increase of 30 %.
As shown in a tweet by Twitter analyst Alex Clay, the recent price action of BCH has led to the formation of a bullish cup handle pattern, and Monday’s price action indicates that the price may break through these levels and move higher.
$BCH Made the cup handle pattern
Bull market, if flipped above the s/r level (also the neckline of the pattern.) pic.twitter.com/KeBh8V5Jtb
— Alex Clay (@cryptclay) September 3, 2021
related: Bitcoin reserves 51,000 USD – this is a BTC price level worth watching
XLM / USDT
Stellar (XLM) Is a 2017 project that appeared after co-founder Jed McCaleb left Ripple in 2013 due to differences in the company’s future development direction. Stellar had a similar design and circular supply to the Ripple project when it was first released, but has since deviated from its own development path.
The network has now become one of the first choices for companies and governments exploring the idea of launching an agreement on its low-cost and scalable platform. These features make it a suitable candidate for custodial stablecoins and central bank digital currencies.
Data from Transaction view It shows that since hitting a low of $0.324 on August 31, the price of XLM has risen by 29% on September 6 to a daily high of $0.42.
VORTECS™ data comes from Cointelegraph Markets Pro Before the recent price increase, a bullish outlook for XLM began to be discovered on August 31.
Cointelegraph’s unique VORTECS™ score is an algorithmic comparison of historical and current market conditions. These data points include a combination of market sentiment, trading volume, recent price changes, and Twitter activity.
As shown in the graph above, XLM’s VORTECS™ score climbed to the green zone on August 30 and reached a high of 74 on August 31, approximately 16 hours before its price rose by 29% in the next five days.
The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading action involves risk, and you should conduct your own research when making a decision.
