Bitcoin (BTC) Price Strikes Gold Above $5,000; Raises LTC and BCH Majorly
As BTC prices broke above $5,300, Litecoin (LTC) and Bitcoin Cash (BCH) also went wild.
The crypto market is going through a rapid revival at the start of the second quarter. Bitcoin (BTC) rallied above $5,000 late on Wednesday, taking along for the ride a handful of more prominent altcoins.
BTC traded at $5,054.66 as of 6:45 UTC on Thursday. The asset reached a peak late on Wednesday at above $5,307, as trading volumes picked up to above $22 billion in 24 hours, touching peaks not seen since December 2017, when the asset traded near its peak prices just below $20,000.
The entire crypto market also saw record trading activity, as months of accumulation culminated in the current price spikes. While the assets retreated on Thursday, many see the potential for further gains.
Some of the strong gainers included Litecoin (LTC) and Bitcoin Cash (BCH), both assets that hovered near low levels for a relatively long time, expecting a breakout. The common thread between the two assets is that they received strong inflows from BTC trading.
LTC traded at $87.61, retreating slightly after peaking at $97.50. BCH rose up the ranks, reaching position four by market capitalization, with a price peak this Wednesday at $342.76, before retreating to $302.06.
The current price rally arrives at a time when there are no expectations of an upcoming launch for an exchange-traded fund (ETF). Inflows of fiat are also relatively low, but trading between digital assets is more active than ever.
In the past days, the leading crypto token pegged to the dollar, Tether (USDT) saw its entire supply turn over more than 11 times each 24 hours, becoming the main fuel for the extremely active trading. Paradoxically, the share of USDT trading has fallen for BTC, from recent peaks above 84% to current levels at 67%, but the asset is actively flowing into altcoins.
Several assets are rising both in dollar valuations and in BTC terms. Dogecoin (DOGE) is extending its rally, rising to 77 Satoshi, with expectations of reaching 100 Satoshi.
The high BTC prices are also boosting mining, as the hashrate for BTC is still close to 50EH/s, with expectations of rising further as prices above $5,000 are viable for multiple miners, and are above profitability levels for Chinese mining farms.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.