Since its inception in 2009, Bitcoin (BTC), has been the undisputed leader in cryptocurrency markets. To this day, it is still the most dominant player in the sector.
This truth was exposed on Sep. 6, when BTC prices climbed to $52,000. It sparked a market rally that lifted altcoins’ prices.
Most legacy coins, such as Litecoin Cash, Bitcoin Cash and XRP, tend to move together when Bitcoin rises. Let’s now take a look at the performance of so-called “dinosaur tokens”, which are poised to reach new heights.
Litecoin (LTC), often referred to as the silver to Bitcoin’s gold, is partly because it has a faster protocol that was partially modeled on the top crypto but modified to increase token supply and block times.
Mimblewimble technology was added to the blockchain to increase network scalability and user privacy.
TradingView and Cointelegraph Markets Pro data show that LTC prices have risen 41% since Aug. 31 when they were at $165. The market’s momentum from Bitcoin’s recovery of $52,000 has brought life to the market.
LTC/USDT 1-day chart. Source: TradingView
It remains to be seen if Litecoin will capitalize on the momentum and continue climbing higher on its merits, or if it will need to wait for BTC to increase its upside.
Bitcoin Cash (BCH), the most popular hard fork of Bitcoin protocol, emerged from the 2017-2018 bull cycle. Some would argue that it still has a decent following.
Cointelegraph Markets Pro and TradingView data show that Bitcoin Cash’s reaction to the BTC recovery wasn’t as strong as Litecoin. However, its price managed to rise from a low at $617 on Aug. 31 down to a high of $806 on Sep. 6, a 30% increase.
BCH/USDT 1-day chart. Source: TradingView
BCH’s recent price action resulted in a bullish cup-and-handle pattern, as seen in a tweet by Alex Clay. Monday’s price movement suggests that the price may break from these levels and move higher.
$BCH was used to create a cup and handle pattern
Bull if the flips are above s/r horizontal (also the neckline of a pattern). pic.twitter.com/KeBh8V5Jtb– Alex Clay (@cryptclay), September 3, 2021
Related: Bitcoin keeps $51K — These are the BTC prices to keep an eye on
Stellar (XLM), a 2017-era project, was created after Jed McCaleb, co-founder of Ripple, left the company in 2013. This was due to disagreements over the company’s future direction. Stellar was released with a similar design and circulating supply to the Ripple project, but it has now taken a different path.
This network is now a top choice for governments and companies looking to launch protocols on its low-cost, scalable platform. This makes it an ideal candidate to host stablecoins or central bank digital currencies.
XLM/USDT 1-day chart. Source: TradingView
TradingView data shows that XLM prices have increased 29% since Aug. 31 when they were at $0.324, and reached $0.42 on Sep. 6.
VORTECS(tm), data from Cointelegraph Markets Pro, began to detect a bullish outlook on XLM on August 31, before the recent price rise.
Cointelegraph’s exclusive VORTECS(tm), Score is an algorithmic comparison between historical and current market conditions. It is based on a combination data points, including trading volume, market sentiment and recent price movements, and tweet activity.
VORTECS(tm), Score (green) vs. XLM Price. Source: Cointelegraph Markets Pro
The chart shows that the VORTECS(tm), Score for XLM climbed to the green zone on August 30 and reached a peak of 74 on Aug. 31, just 16 hours before the price rose by 29% in the following five days.
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