For Bitcoin, the days after Christmas 2020 are extraordinary. As of December 26, Bitcoin is up 40.74% on the price chart. It can be argued that the fact that the cryptocurrency surpassed the psychological resistance levels of $ 25k, $ 30k and climbed as high as $ 34.8K is testament to the strength in Bitcoin’s bull run.
However, along with Bitcoin, major altcoins like ETH, LTC, and BCH are also taking advantage of the market’s first rally.
ETH, LTC and BCH are thriving
According to Santiment, after Bitcoin hit $ 34.8k on the price chart, its rally started to reverse. In contrast, ETH spiked to $ 1169, before correcting. Here, it’s important to note that while other assets like LTC and BCH are also correcting, the correlation with BTC’s rally may also need to be considered.
LTC thrives, BCH rises: What’s going on?
Although ETH may be added to the list of majorly correlated altcoins, ETH has held its own position in the market for some time now. Besides, LTC and BCH have been technically quiet for much of 2020, except for some updates only on MimbleWimble.
However, given the significant rise of other assets like LINK, DOT and YFI, it’s surprising to see them still slow compared to LTC and BCH, especially as older cryptocurrencies have been scrapped. past before.
Here, it can be argued that the above assumption gives BCH and LTC an unexpected advantage.
Historically, LTC and BCH have been part of the 2017 rally, a time when both assets hit all-time highs. However, at the time of writing, they weren’t even close to that range, making it the ideal alternative to investing in a bull market.
PayPal brings new spot traders
With so much attention now being placed on cryptocurrencies, it is also leading to prompting for spot investors to join the ecosystem. PayPal introduced the functionality to buy crypto assets on its platform and includes BTC, ETH, LTC, and BCH.
PayPal may be one of the most convenient and easiest ways to access digital assets at the moment but as we can see, the list is limited. However, new traders sometimes don’t understand the difference and they are more likely to put money in the types available on the platform.
Despite the technical shortcomings, the sense of identity is pretty clear for LTC and BCH. Hence, profits are flowing back to the traders and holders of them.