Bitcoin’s Latest Rally Triggers Lift Up For Litecoin, Stellar and Bitcoin Cash
Bitcoin’s recent move upwards is triggering the usual breakout from legacy altcoins such as LTC, BCH and XLM.
Bitcoin (BTC) has been the uncontested cryptocurrency market leader since its it was launched back in 2009 and to date, it continues to be the dominant force in the industry.
BTC showed its strength by rising first above $51,000 and then further breaking $52,000 level and ignited a market-wide rally that lifted the price of small- and large-cap altcoins alike.
Historically it’s common when Bitcoin rallies, most of the legacy coins like Litecoin, Bitcoin Cash, XRP and Stellar tend to also go up. Now that BTC looks ready to test new highs, let’s take a look at how the so-called ‘legacy altcoins’ are doing.
Litecoin (LTC)
Litecoin (LTC) has often been referred as the silver to Bitcoin’s gold because its faster protocol was partially modeled after the top crypto, but modified to increase the token supply and block time.
One notable modification to the blockchain over the past few years was the addition of Mimblewimble technology to help increase user privacy and network scalability.
Since hitting a low near $165 on August 31, the price of LTC increased 41% to a daily high of $233 on September 6 as the market-wide momentum from Bitcoin’s recovery to $52,000 brought life to the market.
At the time of writing LTC is trading around $220.
It now remains to be seen, if Litecoin can capitalize on this spike in momentum and continue to climb higher on its own merits or if the price will have to wait for further upside from BTC.
Bitcoin Cash (BCH)
Bitcoin Cash (BCH) is probably the most successful hard fork of the Bitcoin protocol that emerged out of the 2017 to 2018 bull cycle and still maintains a decent following to this day.
Bitcoin Cash’s response to the BTC recovery was mild in comparison to Litecoin, but its price still managed to increase from a low of $617 on Aug. 31 to a daily high at $806 on Sep. 6, an increase of 30%.
BCH trades at the time of writing around $785 range.
Crypto analyst Alex Clay, pointed out that the recent price action for BCH resulted in the formation of a bullish cup and handle pattern. Monday’s price move suggests that the price could break out from these levels and head higher.
Stellar (XLM) got started in 2017 after co-founder Jed McCaleb left Ripple in 2013 due to disagreements about the future direction of the company. Stellar had a similar design and circulating supply as the Ripple project when first released, but has since diverged to its own path of development.
The network has now become one of the top choices for companies such as Visa and governments exploring the idea of launching protocols on its low-cost and scalable platform. These features make it a suitable candidate for hosting stablecoins and central bank digital currencies (CBDCs).
