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July 3, 2023

Litecoin & Bitcoin Cash Dominate Crypto Market

July 3, 2023

Bitcoin, the world’s leading cryptocurrency, marked an impressive milestone last week by closing out the first half of 2023 with an astounding 80% increase.

After retracing approximately 76% from all-time highs and reaching a low of $15,600 in November 2022, increased institutional adoption and improved regulatory clarity have helped the coin regain a foothold and climb above $30,000. 

Elsewhere, Litecoin and Bitcoin Cash also captured investor attention with respective weekly price increases of 29% and 54%. Fueled by positive market sentiment regarding halving events and coin listings, social media platforms have been abuzz with discussions surrounding future LTC and BCH price movements.

  • Bitcoin closes out H1 2023 with an 80% increase
  • Litecoin surges by more than 26% as the halving event nears
  • Bitcoin Cash soars by more than 200% in 2 weeks

Bitcoin closes out H1 2023 with an 80% increase

Bitcoin’s meteoric rise in the first half of 2023 has captivated the financial world, with the flagship digital asset surging over 80% and surpassing $30,000 by the end of June. 

This remarkable performance has left other significant assets, including gold, the S&P 500, and the Nikkei 225 index, in the dust.

The first six months of the year were marked by the aftermath of the FTX collapse and the previous year’s downfall of several crypto-related firms. 

Despite these challenges, Bitcoin saw a resurgence in institutional demand and the emergence of Ordinals on the blockchain network, which contributed to its substantial growth.

One of the key factors driving Bitcoin’s surge was the growing interest from traditional financial institutions. On June 15, BlackRock, the world’s largest asset management firm with $10 trillion in assets under management, submitted an application for a Bitcoin spot ETF. This move spurred other institutions, such as Fidelity, to follow suit and file similar applications. 

While the US Securities and Exchange Commission (SEC) initially expressed concerns about these applications, the firms swiftly addressed the regulator’s issues, fueling speculation that the US might soon witness the approval of its first spot ETF.

Another significant development in the first half of 2023 was the emergence of Ordinals on the Bitcoin network. Like non-fungible tokens (NFTs), Ordinals allow for the inscription of text, audio, and images into the smallest unit of Bitcoin, Satoshi. 

The popularity of Ordinals drove Bitcoin’s average daily transactions to record highs, resulting in increased network fees. Although some Bitcoin maximalists raised concerns about the impact on the blockchain, a Grayscale report highlighted that Ordinals could promote Bitcoin adoption by drawing more attention to the digital asset. 

Despite Bitcoin’s remarkable growth, regulatory authorities in the United States, including both the SEC and CFTC, intensified their scrutiny of the crypto industry and have continued to plague prices. 

However, that has not stopped the world’s leading cryptocurrency from closing out the first half of 2023 back above $30,000, which has caused many bullish indicators to, once again, flash green.

In comparison to January 2023, when the price of Bitcoin had fallen below the 200-week moving average, the subsequent 6 months have entirely reversed Bitcoin’s misfortunes.

After 3 significant impulse moves in January, March, and June, the price of Bitcoin has continued to follow a bullish higher-high, higher-low structure on the weekly timeframe and is now back above the 200-week moving average. 

Bitcoin dominance has also climbed from a 2023 year low of 41% up to a year high of 52%, suggesting that Bitcoin continues to be the asset of choice when compared with different altcoins.

BTC/USD monthly price chart highlighting an 80% for H1 2023
BTC/USD monthly price chart highlighting an 80% for H1 2023

Litecoin surges by more than 26% as the halving event nears

Litecoin (LTC) has taken the cryptocurrency market by storm with an impressive surge of over 26% in just three days, positioning itself as one of the top performers of the week. 

The price rally comes as the countdown commences for Litecoin’s much-anticipated halving event, scheduled to occur on August 2.

Similar to its more renowned counterpart, Bitcoin, Litecoin undergoes halving events at predetermined intervals based on the number of blocks mined. 

These halvings, occurring approximately every four years, are designed to ensure that the scarcity of the LTC coin increases with time.

Currently, miners receive 12.5 LTC per block, but after the upcoming halving, this reward will be reduced to 6.25 LTC per block.

According to data collected by Santiment, as the halving event draws near, Litecoin has become a trending topic on social media platforms. The increasing social activity surrounding LTC has coincided with significant price spikes, indicating a surge in demand for the digital asset.

After rising by more than 20% on Friday alone, the sustained rally higher ensured that the coin broke above a crucial resistance level at $100. Historical data reveals that Litecoin followed a similar pattern ahead of the previous Litecoin halving four years ago. 

As the halving event approaches, the surge in price and social media activity indicates a growing interest in the cryptocurrency. Many believe that the halving event could serve as a catalyst for further price appreciation and a potential bull run in the coming weeks, but only time will tell.

Countdown clock for Litecoin’s block halving (03/07/23)
Countdown clock for Litecoin’s block halving (03/07/23)

Bitcoin Cash soars to a 14-month high

Bitcoin Cash (BCH) has outperformed all other major cryptocurrencies over the last two weeks, securing a 14-month high above the $300 price level. 

Within a mere 10 days, BCH witnessed an impressive surge of over 200%, which has propelled its price from $105 to a new year high of $326. Although retracing slightly, at the time of writing, the coin remains above $290. 

While Bitcoin (BTC) experienced gains of around 19% during the same period, it was the remarkable performance of BCH that stole the spotlight, with the coin even securing a top position on CoinMarketCap’s “Hot Trending” list, showcasing its growing popularity among investors and traders.

For an extended period, Bitcoin Cash had remained below $165, but the positive sentiment surrounding the cryptocurrency market, coupled with Bitcoin’s resurgence above $30,000 has served as an initial catalyst for BCH’s remarkable performance.

However, in addition to crypto’s bullish momentum, the rise in BCH price has also been attributed to the coin becoming one of only four cryptocurrencies to be listed on the newly launched EDX Markets which is a crypto platform backed by Fidelity, Charles Schwab, and Citadel. Alongside BTC, ETH, and LTC, BCH is the fourth cryptocurrency offered by the platform which has spurred optimism among investors.

Following the new stamp of approval, a flood of new volume has entered the BCH markets, with a notable influx coming from South Korea. According to a tweet from Colin Wu, a Chinese-based cryptocurrency reporter, trading on the BCH/KRW trading pair accounted for 23.58% of the total trading volume for the coin on Friday. 

The on-chain analytics provider, IntoTheBlock, echoed a similar sentiment on Thursday as the service provider highlighted the huge spike in BCH’s trading volume within the US market. 7-day USD volumes exceeded $757 million which is the highest volume level seen in more than a year.

With BCH’s current surge capturing the attention of investors and enthusiasts alike, the heightened interest suggests that the coin remains a significant contender within the cryptocurrency industry. 

Trading volumes for BCH designated in USD
Trading volumes for BCH designated in USD

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