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Litecoin & Bitcoin Cash Are Driving The Staggering $33 Billion Crypto Rally

Stefan by Stefan
04/04/2019
in Litecoin News
Reading Time: 2 mins read
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In the crypto news today, we are seeing a staggering amount of more than $32 billion that has been added to the market and its valuation in only two days. And while Bitcoin is rising and taking all of the altcoins in a new green trend, analysts attribute the winning surges to two altcoins – Litecoin (LTC) and Bitcoin Cash (BCH).

The truth is, what started as a small rally for Bitcoin later transformed in an altcoin fest when both Bitcoin Cash and Litecoin started posting their winning numbers. For instance, Bitcoin Cash (BCH) managed to surge from $168 to $336 while Litecoin (LTC) ballooned to almost twice its value from April 2 – going from $61 to a session high of $94.

Together, both of the altcoins managed to inject $4.5 billion into the market which comprised of almost 14% of the overall crypto pump. While Bitcoin Cash has flirted with the $400 resistance level and jumped by more than 54% in just 24 hours, Litecoin was more shy and tested the $100 levels only briefly.

What’s interesting is the fact that crypto exchanges which facilitated BCH-enabled pairs posted an adjusted daily volume of $3.76 billion (CoinMarketCap data) which were put mostly against Tether’s stablecoin USDT, Bitcoin and the South Korean won. On Yahoo Finance, the reported volume was projected at $228.72 million.

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The surge led BCH in an overbought area (according to its RSI index) and right now, there is a likelihood that this situation would extend further into the selling area before BCH drops any lower.

On the other hand, the LTC-to-USD rate jumped 31% in 24 hours, and the LTC-enabled pairs noted an adjusted volume worth $5.83 billion – while on Yahoo Finance the reported volume was lower and projected somewhere at $158 million.

If both of the pairs fail to break above their new resistance levels and pull back, the pressure will certainly fall upon a support area of $61 for LTC and $280 for BCH which act as the main resistance levels during this uptrend.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: $33 billion2019 cryptoaltcoin newsAnalysisBitcoin CashfeaturedLitecoinLitecoin &ampNewperformancesurge
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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