Every cryptocurrency bull market has at the least one shock catalyst that comes out of nowhere to excite traders and spark huge buying and selling volumes that carry the whole market capitalization to new highs.
The 2021 bull market isn’t any exception to this rule, and one of many largest catalysts for progress this 12 months has been the explosive reputation of Dogecoin (DOGE), which has made headlines in conventional and various monetary circles as its worth surge to new all-time highs over the previous few months.
With such large progress taking place in only a few brief months, it is solely pure for traders to make strikes that assist lock in positive aspects after which seek for the following potential mover to put money into.
The worth motion for DOGE even caught the attention of Jon Bollinger, inventor of Bollinger Bands, who on May 3 tweeted “$Dogeusd put in a prime, fell by 65%, and is now knocking on the door once more whereas $dogebtc is breaking out. Simply wonderful worth motion.”
Dogecoin was buying and selling close to $0.40 on the time of the tweet however has since skyrocketed 80% to a brand new all-time excessive at $0.69. After right now’s robust rally, Bollinger to posted the next tweet as a phrase of recommendation to DOGE traders:
I believe that ll you canine lovers higher begin fascinated with a prime right here.
— John Bollinger (@bbands) May 5, 2021
And it seems that some traders had comparable ideas or took Bollinger’s phrases to coronary heart on May 5, as the worth of DOGE skilled a pullback of 25% earlier than recovering close to the $0.60 degree.
Large-cap altcoins profit from Dogecoin’s momentum
Several observant traders, together with Digital Currency Group founder Barry Silbert, pointed out that a number of DOGE’s buying and selling exercise has occurred on the Robinhood buying and selling app and that the opposite cryptocurrencies obtainable on the platform may benefit from traders rolling profits over from DOGE into slower performing cryptocurrencies.
This turned out to be a prescient viewpoint, as all the main cryptocurrencies obtainable on Robinhood have seen double-digit positive aspects on May 5, whereas the worth of DOGE has skilled a 25% pullback.
#Doge wealth impact spilling over to the RobinHood alts: $LTC $BCH $BSV $ETC. No different alts obtainable on RH but.
Expect RH listings to be a significant driver of future returns. pic.twitter.com/i37zaJwGh9
— Alex Krüger (@krugermacro) May 5, 2021
Ethereum Classic (ETC) has been one of many largest beneficiaries of the shift in funds, which helped the Ethereum fork blast to a brand new file excessive of $100 on May 5. In the identical interval, Bitcoin Cash (BCH) and Bitcoin SV (BSV) have seen gains in the 25%–30% range.
While the percentage growth seen in the price of Litecoin (LTC) is less than that of the other tokens listed on Robinhood, LTC’s 15% rally pushed the altcoin to a new multiyear high of $351. This puts LTC price less than 7% below its previous all-time high at $375.

According to information from Cointelegraph Markets Pro, market situations for LTC have been favorable for a while.
The VORTECS™ Score, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mix of information factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

As seen on the chart above, the VORTECS™ Score for LTC started to select up on April 29 and maintained an elevated degree over the following 4 days earlier than hitting a excessive of 68 on May 2, round 11 hours earlier than the worth elevated 35% over the following three days.
With DOGE nonetheless buying and selling above $0.58 on the time of writing and hype is constant to construct forward of Elon Musk’s look on the comedy sketch present Saturday Night Live, the bullish worth motion for LTC and the opposite cryptocurrencies obtainable on Robinhood may proceed as retail traders new to the crypto market flock to the favored meme coin.
The views and opinions expressed right here are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Every funding and buying and selling transfer includes threat, and it’s best to conduct your individual analysis when making a call.