- Bitcoin price has rallied above $28,900, supported by rising institutional interest and recent filings for a spot BTC Exchange Traded Fund.
- Bitcoin Cash, Litecoin and Ethereum Classic yielded the highest gains among the top 30 cryptocurrencies.
- Citadel-backed crypto exchange supports trading in LTC and BCH, acting as a bullish catalyst.
Bitcoin price rallied past $28,900, wiping out recent losses stemming from the Securities and Exchange Commission’s crackdown on cryptocurrencies. Rising institutional interest in spot Bitcoin Exchange Traded Funds (ETFs) and news on regulation of cryptocurrencies in Europe and Southeast Asia has acted as a catalyst for the asset’s recovery.
Alongside Bitcoin, altcoins like Bitcoin Cash (BCH), Litecoin (LTC) and Ethereum Classic (ETC) noted a spike in prices, yielding gains for holders since Tuesday.
Also read: Singapore central bank proposes protocols for the use of “Purpose Bound” cryptocurrencies
Bitcoin Cash, Litecoin and Ethereum Classic rally
BCH, LTC and ETC prices are close to double-digit gains since Tuesday, according to data from TradingView.
Three main catalysts look to be supporting altcoin prices: an increase in interest from institutional investors, expectations of higher crypto adoption in Europe and Southeast Asia, and the facilitation of altcoin trading in new crypto exchanges.
Citadel-backed cryptocurrency exchange EDX has listed Litecoin and Bitcoin Cash in assets that can be traded on its platform.
Moreover, Litecoin’s halving is 41 days away, a key factor that could also be supporting the price increase, of 12.4% since Tuesday to $84.12 at the time of writing. Litecoin climbed from $75.61 on Tuesday to Wednesday’s peak of $84.99, on Binance. There is room for LTC to climb higher as usually halving events are preceded by short-term price increases.
The tentative date for Litecoin halving is August 1, according to the countdown timer on nicehash.com.
Based on data from crypto intelligence tracker IntoTheBlock, Litecoin’s 30-day correlation with Bitcoin is 0.79. This implies higher volatility, and suggests that a rally in Bitcoin price is likely to push Litecoin higher.
Similarly, Ethereum Classic rallied 12% since Tuesday, trading at $16.35 at the time of writing. ETC price climbed from Tuesday’s low of $14.94 to a peak of $16.84, earlier today.
ETC has an advantage over most altcoins in the top 30 list as the token was not included in SEC’s regulatory crackdown, contrary to Polygon (MATIC), Cardano (ADA) and Solana (SOL).
Meanwhile, ETC was also included on the Citadel-backed EDX exchange, fueling the altcoin’s recovery.
Bitcoin Cash price rally finds its legs in the rising large volume transactions on the network. According to IntoTheBlock data, there were 161 large volume transfers of BCH on June 19, Tuesday, more than the 59 seen over the weekend.
Large volume transfers indicate whale activity, typically associated with a recovery in the asset’s price. BCH’s EDX listing and interest from whales have pushed the token’s price 32% higher overnight, from Tuesday’s low of $105.02 to Wednesday’s peak of $138.87.
At the time of writing, BCH is trading at $128.23. At this price, nearly 60% of the wallets holding BCH are profitable, turning sentiment among Bitcoin Cash holders more positive.
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