LTC shoots up 20% higher and became one of the best-performing assets in the past 24hours. The cryptocurrency gained 20% in the past day and outpaced Bitcoin’s 5% gains as well as Ethereum’s 3% so let’s read more in our latest Litecoin news.
The price rally for Litecoin came shortly after LTC was added to PayPal’s new crypto service as many saw it as an addition of validation of the cryptocurrency which faced corrections since the 2017 bull market. Litecoin’s LTC has still to recover from its all-time high as it is up dramatically in the past few days and weeks alongside BTC with other coins as well.
LTC shoots up 20% higher in the past day alone as buyers finally step in. Many took notice of the rally as Avi Felman who is the leader trader at Block Tower Capital shared a chart saying:
“Since BTC broke 16k, and the PayPal announcement, LTC has been outperforming BTC. Is this retail coming back into the markets or traders trying to front run retail?.”
While Litecoin started surging right now, some don’t believe the coin has a long-term value. Eric Conner, an ETH-developer and analyst stated on Litecoin and other crypto-assets:
“Zombie chains and DeFi protocols still need a massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $33bn Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $4bn Right…”
Bitcoin is bullish which only boosts the prospects of other altcoins like Litecoin from here on out. Willy Woo who is a prominent on-chain analyst commented on Bitcoin’s prospects which reference the on-chain trends:
“Realised Price estimates the average price the market paid for their BTC. Now at its steepest slope for this cycle, meaning capital influx into #Bitcoin is at its highest rate since the last bull market. (Higher than last year’s $4k-$14k move; the current move is more organic.). For the sake of this comment I’ll define ‘organic’.”
Litecoin will likely benefit from further strength on the crypto market. It is now unclear if the coin will pass its previous all-time high in the cycle as it also has fundamental tailwinds like the integration of privacy technologies which will allow LTC to separate itself from BTC.
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