• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

3 reasons Litecoin is up 54% in 1 week, outperforming the market

December 19, 2020
in Litecoin
Reading Time: 3min read
3 reasons Litecoin is up 54% in 1 week, outperforming the market


In the past seven days, the Litecoin price has increased by over 60%. It is the best-performing cryptocurrency in the past week, outperforming both Bitcoin and decentralized finance (DeFi) tokens.

There are three major reasons why Litecoin has been rallying in tandem with Bitcoin. The reasons are a breakout against BTC, the historical relevance of LTC in previous bull cycles, and the growing certainty around BTC’s price cycle.

The 5-day price chart of Litecoin. Source: LTCUSD on TradingView

Litecoin broke out against the Bitcoin pair

Most altcoins are still stagnating against the Bitcoin pair. The ETH/BTC pair, as an example, is far from seeing a breakout in the near term across all low time frames.

However, Litecoin has shown strong momentum and a favorable technical structure to outperform Bitcoin in the mid-December.

Jonny Moe, a cryptocurrency swing trader, said:

“$LTC on the $LTCUSD chart is just absurd, but most of this has just been pacing $BTC, so there hasn’t been much alpha here. If the $LTCBTC pair gets its breakout, that could change pretty quickly. Also worth noting, $LTC is the only alt major really keeping pace with $BTC.”

Due to LTC’s momentum and the fact that it remains the only large-cap altcoin outperforming BTC, the market sentiment around LTC has noticeably improved.

Historical relevance of LTC in bull cycles

A pseudonymous trader known as “Byzantine General” said that the ongoing Bitcoin rally is a result of institutional investors.

Hence, he noted that the altcoin market could take a while to rally because institutions are focusing on Bitcoin.

But the trader pinpointed Ethereum as an outlier that has actual fundamental value. Although LTC is less certain than Ethereum, the trader said that he is not bearish on LTC. He wrote:

“Reality check about altcoins that you probably don’t want to hear (telling). This $BTC rally has been because of institutional orderflow. Those people aren’t going to gamble on random sh*tcoins. ETH is an outlier. Basically there are only 2 coins that the outside world thinks has fundamental value and that’s BTC & ETH. So ETH should be good. LTC is less certain, but still a useful coin so I’m not particularly bearish on it.”

Altcoins have been in an awkward position where if Bitcoin continues to rally, they stagnate against BTC. If the Bitcoin price drops, then altcoins are likely to suffer from even larger drops.

Litecoin performing strongly against Bitcoin in this environment indicates strength and resilience at a technical level.

In the foreseeable future, it remains to be seen whether Bitcoin consolidates above $23,000 or sees a major correction by the year’s end.

If Bitcoin consolidates above $13,000 with relatively low volatility, it would establish an ideal period for altcoins to rally. If that happens, the altcoin that has been holding up well against Bitcoin, which is Litecoin, has higher chances of rallying once again.

Litecoin, currently ranked #5 by market cap, is up 15.86% over the past 24 hours. LTC has a market cap of $8.13B with a 24 hour volume of $9.56B.

Litecoin Price Chart

LTCUSD Chart by TradingView

Like what you see? Subscribe for daily updates.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: LitecoinMarketoutperformingreasonsweek
Next Post
Dogecoin Jumps 20% After Elon Musk Twitter Shout-Out

Dogecoin Jumps 20% After Elon Musk Twitter Shout-Out

Top Silicon Valley VC defends crypto amid proposal of controversial Treasury rule

Top Silicon Valley VC defends crypto amid proposal of controversial Treasury rule

Don't Miss

BITCOIN TO $20,000 IN 2020? Price Prediction Explained!
Cryptocurrency Videos

BITCOIN TO $20,000 IN 2020? Price Prediction Explained!

by Lascena Cryptocurrency News Education
February 28, 2021
0

Today in crypto can Bitcoin go to $20,000 in 2020? Price prediction explained! And equity markets lose all touch with...

Read more
XRP WARNING! Get Ready For A HUGE Surprise Before Election!!!

XRP WARNING! Get Ready For A HUGE Surprise Before Election!!!

February 28, 2021
Cryptocurrency Sleeping Giants Set to Take Off August 2020 | Bitcoin and Cryptocurrency News

Cryptocurrency Sleeping Giants Set to Take Off August 2020 | Bitcoin and Cryptocurrency News

February 28, 2021
MicroBT Whatsminer M20s Bitcoin Miner | Review | Setup Guide | Mining Profitability

MicroBT Whatsminer M20s Bitcoin Miner | Review | Setup Guide | Mining Profitability

February 28, 2021
THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)

THE NUMBER ONE INVESTMENT IN CRYPTO RIGHT NOW – 2020 – (spoiler it’s not Bitcoin)

February 28, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$43,663.00-7.87%
  • ethereumEthereum(ETH)$1,357.82-9.76%
  • cardanoCardano(ADA)$1.25-10.91%
  • tetherTether(USDT)$1.010.40%
  • PolkadotPolkadot(DOT)$32.14-7.67%
  • Binance CoinBinance Coin(BNB)$198.61-12.89%
  • rippleXRP(XRP)$0.409524-8.51%
  • litecoinLitecoin(LTC)$158.94-9.60%
  • chainlinkChainlink(LINK)$24.02-9.22%
  • USD CoinUSD Coin(USDC)$1.00-0.37%