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 brought to light on September 6, when the price of BTC surged to the $ 52,000 level and sparked a market-wide rally that pushed the price of both large-cap and small-cap altcoins up.
When the price of Bitcoin rises, most of the old school currencies such as Litecoin, Bitcoin Cash, XRP and Stellar tend to follow the movement in no time. As BTC seems poised to hit new highs, let’s take a look at how the so-called “dinosaur tokens” fare.
LTC / USDT
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 modification of the blockchain in recent years was the incorporation of technology Mimblewimble to help increase user privacy and network scalability.
Data of Cointelegraph Markets Pro and TradingView show that, Since reaching a low of around USD 165 on August 31, the price of LTC increased by 41% to reach a daily high of USD 233 on September 6, as the market-wide momentum following Bitcoin’s rally to $ 52,000 revived LTC’s price action.
Now it remains to be seen if Litecoin can take advantage of this renewed momentum and keep climbing on its own merits or if the price will have to wait for more BTC rises.
BCH / USDT
Bitcoin Cash (BCH) is probably the most successful fork of the Bitcoin protocol to emerge from the 2017-18 bull cycle and some would argue that it maintains a decent performance to this day.
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin Cash’s response to BTC’s rally was subdued compared to Litecoin’s, but its price was able to rise from a low of $ 617 on Aug. 31 to a daily high of $ 806 on Sept. 6, an increase of 30 %.
BCH’s recent price action resulted in the formation of a bullish-handled 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 for higher levels.
$ 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 period of 2017 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 taken its own path of development.
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 characteristics make it an ideal candidate for hosting stablecoins and central bank digital currencies (CBDC).
TradingView data shows that Since hitting a low of $ 0.324 on August 31, the XLM price increased 29% to hit a daily high of $ 0.42 on September 6.
VORTECS ™ data from Cointelegraph Markets Pro began to spot a bullish outlook for XLM on August 31, ahead of the token’s recent appreciation.
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, trade volume, recent price movements, and Twitter activity. .
As seen in the graphic above, XLM’s VORTECS ™ score jumped into the green zone on August 30 and peaked at 74 on August 31, about 16 hours before its price increased 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. Each investment and commercial movement involves risks, you must do your own research when making a decision.