Litecoin moves in an ascending triangle since its recorded low in March, drawing swing highs and lows. Today, the digital silver finally broke the resistance level after Bitcoin hit the $10,000 price mark.
LTC currently trades at $53.46, recording a 10.33% increase for the day and a trading range from $47 to $53. This drives the crypto silver’s market cap at $3.39 billion or 1.07% of the entire cryptocurrency market.
Today, the digital silver hits the golden run after recording a climb of 17% in the short span of a week.
Last week, investors witnessed a rally in Litecoin signaling an upcoming rise in BTC. In the course of crypto history, LTC has a habit of leading prior to Bitcoin’s rise. In return, the bullish BTC price that followed has taken the altcoin along to new high since May.
Litecoin is More Than Bitcoin’s Second Best
The market’s zoomed focus on Bitcoin often leaves Litecoin’s good performance to the enjoyment of few.
Often regarded as silver to Bitcoin’s gold, Litecoin has been on a slow climb since the beginning of the year. Nevertheless, the trudge plots a looming resurgence, analysts say.
Since the beginning of the year, Litecoin recorded approximately 60 thousand active users. The figure is expected to hit the hundred thousand mark in the coming week. Due to COVID-19, many investors seek haven against their deteriorating trust on fiat, moving their baskets into the crypto market.
Since its start in 2011, Litecoin offers near-zero cost payments in its peer-to-peer platform. Today, LTC is valued as one of the largest coins in the market based on market cap. It secures its steady spot as one of the top ten cryptocurrencies in the world.
Increasing third-party providers offering Litecoin contributes to the growing significance of the BTC’s younger brother, especially to high rollers.
Last July 22, US-based crypto custodian Anchorage opened its doors to LTC. Institutional investors may now trade and store their Litecoin in its platform.