As the bulls go on a shopping frenzy in Bitcoin, the close altcoin relatives of Bitcoin are skyrocketing with additional momentum. Amidst such a turnaround, Bitcoin Cash and Litecoin are projecting a strong reversal trend.
With more than double-digit returns in the recent reversal, Bitcoin Cash (BCH) and Litecoin (LTC) enter the top gainers list. Bitcoin Cash and Litecoin are two prominent altcoins known for their quick transaction times and lower fees compared to Bitcoin. These features make them attractive for everyday transactions and micro-transactions.
Amidst the Bitcoin ETFs rally, the increasing momentum projects a high likelihood of Bitcoin forks outperforming the parent currency.
Bitcoin ETFs Fuel The Fenzy Bulls
The Bitcoin ETFs craze drives the bull run, with a record inflow day and $673.4m of net inflow. This was driven by Blackrock, which also had a record day with $612.1m of inflow. As BTC continues to gain mainstream acceptance, evidenced by the rising net inflows into these Spot ETFs, investor confidence in the broader cryptocurrency market strengthens.
Source: BitMEX
Despite a total net flow into the ETFs since 11th Jan 2024 of $7.4bn, the Grayscale outflow remains significant.
Will Bitcoin Cash Surpass $350?
With the high-momentum bullish reversal, the BCH price trend results in a breakout rally. Surpassing the critical resistance of $300, BCH trades at $315 with an intraday growth of 6.35%.
Source: TradingView
With the bullish intraday move, the BCH price action marks a 7th positive day and accounts for a 22% rise. Hence, the increase in trend momentum within the altcoin is evident with the support of a 171% rise in trading volume.
With the bullish breakout rally, the BCH price eyes $386 at the 100% trend-based Fib level.
Will Litecoin Cross $100?
Forming a huge bullish candle in the daily chart, the LTC price shows a 10% hike today. With the 138% surge in trading volume supporting the jump, Litecoin signals the ignition of a bullish trend reversal.
Similar to the other altcoins, the Litecoin price is capitalizing on the broader market recovery and is up by 20% in the last six days.
Source: TradingView
Currently, the LTC price trades at $82, surpassing the 38.2% fib level and the $80 mark for the first time since August 2023. As per the Fibonacci levels, the LTC price could reach the 78.60% Fib level to reclaim the $100 psychological milestone.
