XRP, Litecoin and Bitcoin Cash Lead the Rally – Could a Major Market Announcement Be Coming This Week?
A journalist and copywriter with a decade's experience across music, video games, finance and tech.
Crypto markets may be in the red this morning after posting a 2% fall in the last 24 hours, but Bitcoin Cash ($BCH) appears to be rallying, while several other key payment-focused altcoins remain profitable.
As always, original cryptocurrency Bitcoin ($BTC) leads the price movement today with a 1% drop in the last 24 hours to trade at $67,066 as of this writing.
Trading against that is the payments-focused Bitcoin fork, Bitcoin Cash ($BCH), which is up 1.3% overnight and 13.5% over the last seven days to change hands at $366.50.
The only other cryptocurrency among the top twenty by market cap to rally today is XRP ($XRP), which rose 2.4% to $0.5569.
Both Bitcoin Cash and XRP are often touted as handling payments more effectively than Bitcoin, which is traditionally seen more as a store of value.
Users of these cryptocurrencies highlight their faster transaction processing times and lower fees compared to Bitcoin.
Litecoin ($LTC) is another long-established blue chip payments-focused cryptocurrency. In the last 24 hours, LTC shed 0.5% to trade at $71.23.
However, over the last 7 days the coin moved in step with Bitcoin; both added 10%.
Yesterday, Litecoin rose 10% in only 24 hours off the back of news that the month-old crypto investment firm Canary Capital is now filing a Litecoin spot ETF application weeks after it filed one for XRP.
While there is not enough information to confirm whether investors are expecting big moves in the world of payments-focused crypto, the spate of ETF applications and the recent rallies do hint at diversifying demand for crypto.
Bitcoin Cash, XRP and Litecoin supporters have never claimed their
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