- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
IRS says crypto staking should be taxed in response to lawsuit
The IRS stated that rewards from cryptocurrency staking are taxable upon receipt, according to a Bloomberg report on Monday, which stated the agency rejected a legal argument that sought to delay taxation until such rewards are sold or exchanged.
Solana dominates Bitcoin, Ethereum in price performance and trading volume: Glassnode
Solana is up 6% on Monday following a Glassnode report indicating that SOL has seen more capital increase than Bitcoin and Ethereum. Despite the large gains suggesting a relatively heated market, SOL could still stretch its growth before establishing a top for the cycle.
Ethereum Price Forecast: ETH risks a decline to $3,000 as investors realize increased profits and losses
Ethereum is up 4% on Monday despite increased selling pressure across long-term and short-term holders in the past two days. If whales fail to maintain their recent buy-the-dip attitude, ETH risks a decline below $3,000.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.