'Dino coins' rally as crypto traders prepare for the next bull market Bitcoin BTC BitcoinCash
- Dino coins, a term used by cryptocurrency traders to describe older tokens that have survived through multiple bull/bear market cycles, have been surging higher over the past week as the momentum generated by spot Bitcoin exchange-traded fund filings has moved beyond BTC to other tokens that have good decentralization, liquidity, and exchange support.
Data provided by TradingView shows that beginning on June 20, BCH price began to charge higher, stair-stepping its way from $105 to a high of $328 on Friday, an increase of nearly 212% over the past ten days.The token has been especially popular in the South Korean market, with data from CoinGecko showing that the BCH/KRW trading pair on Upbit has seen a volume of over $907 million in the past 24 hours.
Data from TradingView shows LTC has increased by 55% since the BlackRock filing, climbing from $72 to a high of $111.55 on Friday amid a spike in its 24-hour trading volume, which increased from $390 million on Thursday to $3 billion currently.Aside from the momentum generated by the flurry of spot BTC ETF filings, Litecoin’s price is also receiving a boost due to the network’s upcoming halving, predicted to occur on August 2, which will cut the Litecoin block reward from 12.5 LTC to 6.25 LTC.
Ethereum is also considered a dino coin by many, even though the second-ranked crypto by market cap is now considered to be a foundational piece of the crypto ecosystem due to its dominance in regard to the number of smart contracts launched and its expansive decentralized application ecosystem.
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