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Tuesday, May 24, 2022

Bitcoin Price Hits $52K, Triggers Larger Cap Coins Rally

Bitcoin (BTC) has continued being the leader in the cryptocurrency market since it was launched as a digital asset back in 2009. On 6th September, it was displayed once more as it retook the level of $52,000.

Bitcoin Prices Continue To Influence Entire Crypto Market

The rising BTC prices ignited a rally in the entire market that increased the prices of altcoins having large and small caps. When a BTC rally takes place, the majority of legacy coins such as Stellar, XRP, Bitcoin Cash, and Litecoin start moving accordingly.

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Litecoin (LTC) is often called silver if Bitcoin is gold. Its quicker protocol was made using Bitcoin as a model partially. However, it involved a modification that increased the token’s block time and supply. The coin had hit a low of $165 on 31st August. Since then, on 6th September, LTC price rose 41% and recorded a $233 daily high.

Bitcoin Cash (BCH) might be the Bitcoin protocol hard fork that is most successful. It had emerged during the bull cycle between 2017 and 2018. Its response was not as loud as LTC. However, it recorded an $806 daily high on 6th September from its 31st August low price of $617.

Stellar (XLM) had emerged in 2017 when Jed McCaleb, the co-founder, had exited Ripple during 2013. It had begun as a lookalike of Ripple when it had been released. But now it has been developed completely differently. The network is now the top choice for government and companies who are thinking about launching protocols on XLM’s scalable and low-cost platform. These make XLM a great option for hosting digital currencies of central banks and stablecoins.

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On 6th September, XLM recorded a $0.42 daily high after increasing 29% from its 31st August low point of 0.342.

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