Bitcoin (BTC) has been the undisputed leader in cryptocurrencies since the digital asset was launched in 2009 and remains the dominant force in the industry to this day.
That truth was flaunted on September 6th when BTC price soared to the $ 52,000 level, triggering a market-wide rally that raised the price of small and large cap altcoins.
When Bitcoin recovers, most legacy coins like Litecoin, Bitcoin Cash, XRP, and Stellar tend to move together. 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) was often touted as the silver to Bitcoin’s gold, as its faster protocol was partly modeled on top crypto but modified to increase token supply and block time.
A notable modification to the blockchain in recent years has been the addition of Mimblewimble technology to increase user privacy and the scalability of the network.
Data from Cointelegraph Markets Pro and TradingView show that LTC’s price has risen 41% from hitting a low of $ 165 on August 31, to a daily high of $ 233 on September 6, as market-wide momentum Brought to market from the recovery of Bitcoin to $ 52,000.
It now remains to be seen whether Litecoin can benefit from this surge in momentum and climb further up on its own or whether the price will have to wait for BTC to move up further.
BCH / USDT
Bitcoin Cash (BCH) is probably the most successful hard fork of the Bitcoin protocol that emerged from the 2017-2018 bull cycle, and some would say it has a decent following to this day.
Data from Cointelegraph Markets Pro and TradingView show that Bitcoin Cash’s response to the BTC rebound was subdued compared to Litecoin, but the price nonetheless climbed from a low of $ 617 on Aug. 31 to a daily high of $ 806 on Aug. 6 September rise. an increase of 30%.
The recent price action for BCH resulted in the formation of a bullish cup and handle pattern, as revealed in a tweet by Twitter analyst Alex Clay, and Monday’s price action suggests that price may break out of these levels and rise.
$ BCH produced a cup and handle pattern
Bull, when rotated horizontally over s / r (also section of the pattern.) Pic.twitter.com/KeBh8V5Jtb
– Alex Clay (@cryptclay) September 3, 2021
Related: Bitcoin Retains $ 51,000 – Here are the BTC price levels to watch out for
XLM / USDT
Stellar (XLM) is a 2017 project that emerged after co-founder Jed McCaleb left Ripple in 2013 due to disagreements about the company’s future direction. Stellar had a similar design and offering to the Ripple project when it was first released, but has since deviated on its own path of development.
The network has now become one of the first choices for businesses and governments exploring the idea of adopting protocols on its inexpensive and scalable platform. These features make it a suitable candidate for hosting stablecoins and central bank digital currencies.
Data from TradingView shows that XLM price is up 29% from its low of $ 0.324 on August 31st, to a daily high of $ 0.42 on September 6th.
Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for XLM on August 31, ahead of the recent price hike.
The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and Twitter activity.
As can be seen in the graph above, the VORTECS ™ Score for XLM climbed into the green on August 30th, reaching a high of 74 on August 31st, around 16 hours before the price rose 29% over the next five days .
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every step of investing and trading involves risk, so you should do your own research when making a decision.