The Rise of Dino Coins
Dino coins, a term coined by cryptocurrency traders to describe older tokens that have weathered multiple market cycles, are experiencing a surge in value. The momentum generated by spot Bitcoin exchange-traded fund filings has extended beyond Bitcoin to other tokens with strong decentralization, liquidity, and exchange support.
Bitcoin Cash Takes the Lead
Bitcoin Cash (BCH), which emerged from a fork of the Bitcoin network in 2017, has been the top-performing dino coin. Starting on June 20, BCH’s price began to soar, reaching a high of $328 on Friday, marking an impressive 212% increase over the past ten days. The South Korean market has shown particular interest, with the BCH/KRW trading pair on Upbit recording a volume of over $907 million in the past 24 hours.
Litecoin (LTC), a token based on the Bitcoin code with modified block size and circulating supply, has also seen a revival since June 15. LTC has experienced a 55% increase since the BlackRock filing, climbing from $72 to a high of $111.55 on Friday. Its 24-hour trading volume has surged from $390 million to $3 billion, driven by the anticipation of the upcoming halving, scheduled for August 2. Previous halvings have historically been bullish for token prices.
Ethereum (ETH) is considered a dino coin due to its foundational role in the crypto ecosystem. Despite being the second-ranked crypto by market cap, Ether has seen a 19.6% increase since June 15, rallying from $1,626 to a high of $1,946 on Friday. With a 24-hour trading volume of $10.5 billion, Ethereum remains a crucial player in the market.
EDX Exchange Support
Bitcoin, Bitcoin Cash, Litecoin, and Ethereum are all supported assets on the recently launched EDX exchange, backed by major players such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. The support from these institutions has further increased interest in these tokens and directly contributed to their recent price surges.
Other Dino Coins on the Rise
Alongside the leading dino coins, several others have gained momentum since June 15. Bitcoin SV (BSV) has experienced a 75.7% increase, Stellar (XLM) has risen by 41%, Zcash (ZEC) by 38.3%, and Ethereum Classic (ETC) by 34%. These tokens demonstrate the broader interest in dino coins and the overall growth of the cryptocurrency market.
The total cryptocurrency market capitalization has risen in correlation with the increasing prices of Bitcoin and dino coins, climbing from $979 billion on June 15 to $1.153 trillion. Analysis of long-term price charts for dino coins suggests that significant price increases often occur at the beginning of bull market phases. However, traders should also be mindful of the possibility of fading momentum as profits are redirected to altcoins for potentially greater gains.
Experienced crypto traders are adopting strategies based on these trends, preparing for potential shifts in the market. The rise of dino coins reflects the evolving landscape of cryptocurrency, where well-established tokens continue to play a significant role alongside emerging assets.