Litecoin & Bitcoin Cash Are Driving The Staggering $33 Billion Crypto Rally
In the crypto news today, we are seeing a staggering amount of more than $32 billion that has been added to the market and its valuation in only two days. And while Bitcoin is rising and taking all of the altcoins in a new green trend, analysts attribute the winning surges to two altcoins – Litecoin (LTC) and Bitcoin Cash (BCH).
The truth is, what started as a small rally for Bitcoin later transformed in an altcoin fest when both Bitcoin Cash and Litecoin started posting their winning numbers. For instance, Bitcoin Cash (BCH) managed to surge from $168 to $336 while Litecoin (LTC) ballooned to almost twice its value from April 2 – going from $61 to a session high of $94.
Together, both of the altcoins managed to inject $4.5 billion into the market which comprised of almost 14% of the overall crypto pump. While Bitcoin Cash has flirted with the $400 resistance level and jumped by more than 54% in just 24 hours, Litecoin was more shy and tested the $100 levels only briefly.
What’s interesting is the fact that crypto exchanges which facilitated BCH-enabled pairs posted an adjusted daily volume of $3.76 billion (CoinMarketCap data) which were put mostly against Tether’s stablecoin USDT, Bitcoin and the South Korean won. On Yahoo Finance, the reported volume was projected at $228.72 million.
The surge led BCH in an overbought area (according to its RSI index) and right now, there is a likelihood that this situation would extend further into the selling area before BCH drops any lower.
On the other hand, the LTC-to-USD rate jumped 31% in 24 hours, and the LTC-enabled pairs noted an adjusted volume worth $5.83 billion – while on Yahoo Finance the reported volume was lower and projected somewhere at $158 million.
If both of the pairs fail to break above their new resistance levels and pull back, the pressure will certainly fall upon a support area of $61 for LTC and $280 for BCH which act as the main resistance levels during this uptrend.