Legacy Altcoins Surge as Ethereum Classic Leads Rally, But Bitcoin Remains Key to Sustainability
Ethereum Classic (ETC) surged 20% on Friday, spearheading a strong rebound among older altcoins — often dubbed “dinosaur coins” — as traders rotated capital out of Bitcoin amid rising volumes and leveraged interest.
The broader move comes as Bitcoin (BTC) consolidates around record highs near $118,000, creating space for capital to flow into more speculative assets. Ethereum Classic broke above key resistance at $20.27, reaching $23.29. It now approaches a critical level at $25.00 — a barrier it failed to clear in July 2024, preceding a decline to $15.80.
Trading volume in ETC tripled to $756 million, signaling strong momentum and renewed attention from short-term traders and rotational capital.
Other legacy assets also posted notable gains. Litecoin (LTC), Bitcoin Cash (BCH), Dogecoin (DOGE), and XRP — all favorites from previous bull cycles — rallied alongside ETC. Litecoin’s move was further bolstered by MEI Pharma’s $100 million LTC treasury initiative, which includes project founder Charlie Lee joining the firm’s board.
Uniswap (UNI), while a newer entrant from the 2020 DeFi cycle, jumped 20% as daily volume surged 70% to $1.7 billion. The token cleared resistance at $8.11 and $10.33, and is now targeting the $12.09 level, which capped several rallies last year.
Altcoin Rally: Rotation or Exhaustion?
The shift toward legacy altcoins is being viewed in two ways: either as a constructive rotation across crypto sectors, or as a signal that markets are nearing a short-term peak.
Several breakouts above multi-month resistance zones suggest ongoing bullish momentum. But traders remain cautious due to high leverage across the market. DOGE open interest rose 30% to $2 billion in the past 24 hours, while UNI’s jumped 35% to $389 million, according to Coinalyze — a setup that increases the risk of forced liquidations if sentiment sours.
A break below $110,000 in Bitcoin could trigger a broader correction, unwinding leveraged positions across altcoins and causing steep price declines. Many tokens in this category have thin liquidity and shallow market depth, amplifying downside risk.
Still, if Bitcoin reclaims $124,000 — a major resistance zone — and enters another consolidation phase, it could provide the necessary stability for altcoins to continue rallying.
For now, the market is watching Bitcoin’s next move — and whether the so-called “dinosaur coins” have enough fuel for a sustained comeback.
