Aaryamann Shrivastava
FXStreet
- Bitcoin price rise resulted in a stellar recovery for the cryptocurrency’s alternates, with the likes of Bitcoin Cash, Bitcoin SV and Zcash noting a 20% to 100% increase in value.
- BTC price has restricted its movement to sideways after breaching the $30,000 mark, keeping hopes up of a potential rally
- Net unrealized profits of BTC holders have risen by 14% since the recovery began on June 15.
Bitcoin price has propelled the market into a recovery mode, with many altcoins charting remarkable rallies. The few cryptocurrencies that benefitted the most from this turned out to be the ones that were built as an alternative to Bitcoin, forked from its code.
Bitcoin price rally brings fortune to altcoin investors
Bitcoin price breached the two-month-old barrier of $30,000 last week and saved the crypto market’s capitalization from falling too far below the $1 trillion mark. Naturally, the rally resulted in increases for a bunch of other cryptocurrencies, including Bitcoin namesakes and tokens that were developed as a substitute for the biggest cryptocurrency in the world.
Bitcoin Cash (BCH), Bitcoin SV (BSV) and Zchash (ZEC) were the ones that gained significantly since June 15. Despite ZEC is not a Bitcoin namesake — it was built as an anonymous alternative to the digital asset — the altcoin managed to increase by nearly 30%, rising from $24.4 to trading at $31.3 at the time of writing.
ZEC/USD 1-day chart
BCH, on the other hand, enjoyed massive gains as the BTC hard fork shot up by more than 115% in the same period as ZEC. At the moment, Bitcoin Cash price is close to breaching $220, pushing the market cap of the altcoin to $4.35 billion.
BCH/USD 1-day chart
Similarly, BSV rallied over the past 11 days, although Bitcoin SV did not observe profits as extensive as BCH since the altcoin only rose by 37%. Although the recovery did bring the price to a monthly high, BSV was short-stopped before breaching $40.
BSV/USD 1-day chart
These altcoin holders joined the leagues of Bitcoin investors who are currently enjoying significant profits too. The unrealized profits per the Net Unrealized Profit/Loss indicator have jumped by more than 14% since Bitcoin price began rising on June 15.
Bitcoin NUPL
BTC holders are currently optimistic of further rise provided the current sideways movement noted by Bitcoin price is a bullish development. But if BTC loses the support of $30,000, a drawdown to $24,000 is likely.
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