Bitcoin (BTC) has been the uncontested cryptocurrency market leader since its creator launched the digital asset in 2009 and to date, it continues to be the dominant force in the industry.
This truth was put on display on Sept. 6, when the price of Bitcoin rose to the $52,000 level and ignited a market-wide rally that lifted the price of small- and large-cap altcoins.
When Bitcoin rallies, most of the legacy coins like Litecoin, Bitcoin Cash, XRP and Stellar tend to move in tandem. Now that BTC looks ready to test new highs, let’s take a look at how the so-called ‘dinosaur tokens’ are doing.
LTC/USDT
Litecoin (LTC) has often been touted 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.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low near $165 on Aug. 31, the price of Litecoin increased 41% to a daily high of $233 on Sept. 6 as the market-wide momentum from Bitcoin’s recovery to $52,000 brought life to the market.
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.
BCH/USDT
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 some would say it maintains a decent following to this day.
Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin Cash’s response to the BTC recovery was muted in comparison to that of Litecoin, but its price still managed to increase from a low of $617 on Aug. 31 to a daily high at $806 on Sept. 6, an increase of 30%.
The recent price action for BCH resulted in the formation of a bullish cup and handle pattern as shown in a tweet from Twitter analyst Alex Clay and Monday’s price move suggests that the price could break out 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
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