Cryptocurrency rivals snap at Bitcoin's heels

Bitcoin is on the rise against the U.S. dollar, but a look at all of its relevant trading pairs (LTC/BTC, ETH/BTC) suggests the move to $20,000 could take longer than expected.

The world's largest cryptocurrency by market capitalization has traded more or less sideways over the last few days as the alternative currencies rallied sharply to new highs. But, as discussed yesterday, the lackluster action in BTC could be due to the rotation of money from BTC (large cap) and into alternative currencies (or so-called small caps).

This flow of money is best represented by the bullish break seen in cross cryptocurrency charts – i.e. ETH/BTC, LTC/BTC, BCH/BTC and XRP/BTC. For example, a rally in ETH/BTC could be an indication that the money is flowing out of bitcoin and into ether (ETH).

That said, a sharp pullback in the altcoins seems to have put a mild bid under bitcoin (BTC) today.

As per CoinMarketCap, bitcoin (BTC) has appreciated 7.57 percent in the last 24 hours. Meanwhile, ether (ETC), bitcoin cash (BCH) and litecoin (LTC) have dropped 6 percent, 8 percent, and 10 percent, respectively.

While tables appear to have turned in favor of bitcoin again, the charts suggest relief could be transient.