Each cryptocurrency bull market has at the very least one shock catalyst that comes out of nowhere to excite merchants and spark large buying and s
Each cryptocurrency bull market has at the very least one shock catalyst that comes out of nowhere to excite merchants and spark large buying and selling quantity that lifts the whole market capitalization to new highs.
The 2021 bull market is not any exception to this rule, and one of many largest catalysts for development this 12 months has been the explosive reputation of Dogecoin (DOGE), which has made headlines in conventional and different monetary circles as its value surged to new all-time highs over the previous few months.
With such super development occurring in just some brief months, it is solely pure for merchants to make strikes that assist lock in good points after which seek for the following potential mover to spend money on.
The worth motion for DOGE even caught the attention of Jon Bollinger, inventor of Bollinger Bands, who on Might three tweeted “$dogeusd put in a high, fell by 65%, and is now knocking on the door once more whereas $dogebtc is breaking out. Merely wonderful value motion.”
Dogecoin was buying and selling close to $0.40 on the time of the Tweet however has since skyrocketed 80% to a brand new all-time excessive at $0.69. After immediately’s sturdy rally, Bollinger to posted the next tweet as a phrase of recommendation to DOGE merchants.
I feel that ll you canine lovers higher begin desirous about a high right here.
— John Bollinger (@bbands) Might 5, 2021
And it seems that some merchants had related ideas or took Bollinger’s phrases to coronary heart on Might 5 as the value of DOGE skilled a pullback of 25% earlier than recovering close to the $0.60 stage.
Massive-cap altcoins profit from Dogecoin’s momentum
A number of observant merchants, together with Digital Forex Group founder Barry Silbert, identified that a number of DOGE’s buying and selling exercise was occurring on the Robinhood buying and selling app and that the opposite cryptocurrencies out there on the platform may gain advantage from merchants rolling income over from DOGE into slower performing cryptocurrencies.
This turned out to be a prescient viewpoint as all the main cryptocurrencies out there on Robinhood have seen double-digit good points immediately as the value of DOGE skilled a 25% pullback.
#Doge wealth impact spilling over to the RobinHood alts: $LTC $BCH $BSV $ETC. No different alts out there on RH but.
Anticipate RH listings to be a serious driver of future returns. pic.twitter.com/i37zaJwGh9
— Alex Krüger (@krugermacro) Might 5, 2021
Ethereum Basic (ETC) has been one of many largest beneficiaries of the shift in funds which helped the Ethereum fork blast to a brand new report excessive at $100 on Might 5. In the identical interval, Bitcoin Money (BCH) and Bitcoin SV (BSV) have seen good points within the 25%-30% vary.
Whereas the proportion development seen within the value of Litecoin (LTC) is lower than that of the opposite tokens listed on Robinhood, LTC’s 15% rally pushed the altcoin to a brand new multi-year excessive at $351. This places LTC value lower than 7% beneath its earlier all-time excessive at $375.
Based on information from Cointelegraph Markets Professional, market situations for LTC have been favorable for a while.
The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mixture of information factors together with market sentiment, buying and selling quantity, latest value actions and Twitter exercise.
As seen on the chart above, the VORTECS™ Rating for LTC started to select up on April 29 and maintained an elevated stage over the following 4 days earlier than hitting a excessive of 68 on Might 2, round eleven hours earlier than the value elevated 35% over the following three days.
With DOGE nonetheless buying and selling above $0.58 on the time of writing and hype persevering with to construct forward of Elon Musk’s look on the comedy sketch present Saturday Evening Dwell, the bullish value motion for LTC and the opposite cryptocurrencies out there on Robinhood might proceed as retail merchants new to the crypto market flock to the favored meme coin.
The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you must conduct your personal analysis when making a call.