LTC continues surging with another intraday rally of 6% over the past 24 hours after the week-long rally. It has become the second-best performing crypto by weekly gains again as we can see today in our Litecoin news.
There are three major reasons why LTC continues surging such as the Bitcoin rally, decent fundamentals, and ideal technical structure. Johnny Moe, a crypto trader connected the LTCBTC rally momentum and most altcoins including ETH, stagnated against BTC. LTC showed more strength on the LTC/BTC pair is noteworthy as one Moe noted:
“LTC on the $LTCBTC pair looks loose and ready to run. On $LTCUSD, we are completing a huge weekly Adam and Eve double bottom pattern with a neckline @ $146.”
Looking at the market structure of LTC, we can not mention Bitcoin’s recent rally. This caused overall confidence in the market which helped Litecoin surge as well. Philip Swift who is the creator of LookIntoBitcoin.com said that there are some sellers on Coinbase but there was a lot more on-chain activity. The increase in the on-chain activity of BTC, led the price of BTC to surpass the previous all-time high as BTC increased to a new high a day ago, across major exchanges achieving a new all-time high as noted:
“BTC price action looks strong here. Few sellers on Coinbase in the short term shown here by the lack of asks (yellow lines) above price. In terms of on-chain activity… Advanced NVT (blue line) has actually pulled back from the overbought (red zone) as price went sideways/up. This indicates LOADS of on-chain activity over the past week or so, and suggests more potential for upside in short term.”
Some argued that the rising price of BTC is bad for altcoins as the number one cryptocurrency sucked out the air of the market volume. However, Litecoin has been one of the few altcoins that were increasing in value against BTC. John Kim, the LTC evangelist and Litecoin foundation member, named a few factors that buoy the fundamentals of the cryptocurrency. KIM said that about 98% of the dominance of LTC in the Scrypt consensus algorithm space and the $500 billion historical volume on the network as a few of the factors and wrote:
“Zero Downtime, 100% Uptime; King of Scrypt with 98% dominance; Over 500 B transacted on it’s network; Segregated Witness before #BTC; Time tested & proven; One of the most liquid and on about every exchange; 2nd place at ATM’S; MimbleWimble.”
The combination of optimistic fundamentals of the network and the strength of LTC/BTC pair was the main catalyst of the coin so far.
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