Biggest Movers: LTC, BCH 5% Lower Following Friday's Payrolls

Litecoin was down by as much as 5% during Friday's session, as markets reacted to the nonfarm payrolls report from the United States. 187,000 jobs were added to the economy in August, compared to the revised sum of 157,000 in July. Bitcoin cash also slipped, extending recent losses.

Timeline of Bitcoin-cash, Litecoin

Recently, Bitcoin Cash (BCH) and other major altcoins are marking an upward trajectory in their exchange values, thanks to a recent announcement indicating a favorable decision by the US federal appeals court.

Bitcoin cash (BCH) was one of Wednesday's biggest gainers, as markets remained jubilant following the Grayscale court ruling. Following a recent streak of consolidation, the global crypto market cap rose by as much as 4% on the news. toncoin (TON) also surged, climbing nearly 16% higher.

Last week, Litecoin (LTC) slid to a 2023 bottom of $56, culminating in a third consecutive post-halving crash. Can Grayscale's landmark victory propel Litecoin price toward reclaiming the post-halving losses?

Bitcoin Cash (BCH) has reclaimed the $200 territory as the bulls look to reclaim losses from the altcoin market slump in mid-August. A vital on-chain indicator suggests that the BCH price rally is still some way off peak momentum.

Bitcoin Cash (BCH) and several prominent altcoins are experiencing an upward trajectory in their trading prices, attributed to a recent report indicating a favorable ruling by the US federal appeals court. The court's decision suggests that the US Securities and Exchange Commission (SEC) erred in its rejection of Grayscale's application for a spot bitcoin exchange-traded fund (ETF).

The mean coin age of LTC has been climbing higher since late June. Even after the recent losses in the price, this metric continued to climb higher, which signaled a network-wide accumulation of Litecoin.

In a refreshing ruling on August 29, the United States District of Columbia Court of Appeals said the stringent Securities and Exchange Commission (SEC) was, after all, wrong in denying Grayscale to convert their over-the-counter (OTC) Bitcoin Trust (GBTC) into a Bitcoin spot exchange-traded fund (ETF). The regulator had previously barred the conversion of the GBTC to an ETF, citing an alleged absence of measures to prevent price manipulation, forcing Grayscale to sue.

Bitcoin price jumped by more than 5% on Tuesday after Grayscale won a major lawsuit against the Securities and Exchange Commission (SEC). The coin rose by more than 5%, triggering a major rebound in the altcoins market.

Cryptocurrencies are more than just price action, market capitalization, and tokenomics. Such innovative technology, moving a trillion-dollar market, is actually meant to be used by people, in order to solve real-world problems.

This week, a 1,500% spike in large transactions has sent the BCH price into the recovery zone according to the daily RSI signal. Can larger investors drive the BCH price toward reclaiming $250 in the coming weeks?