Litecoin leading the rally again

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Litecoin Rises To The Top Of The Rankings

Litecoin Is Leading The Market Again

Litecoin, it’s leading the market again. The world’s first, best off-shoot of the Bitcoin blockchain is making a big move. The coin is up more than 10% in the last 24-hours and more than 445% in the last few months making it the best returning coin in my portfolio. The move is driven by two things, Litecoin’s growing popularity and the upcoming halving. The halving is an important feature of the LTC network that occurs every 840,000 blocks ensuring there will be LTC to mine for many years to come.

What the halving does is simple, it cuts the number of Litecoin’s a miners can earn for creating a block by half. What this means is that, after the next halving, in about 2 months, each block will only be worth 12.5 LTCs where before they were worth 25LTCs. In terms of LTCs value it will cost the miners the same amount of money to produce a block, because they will only get half as many LTCs per block theoretically all LTCs will be worth twice as much as before.

Today’s move in Litecoin did more than extend its rally above resistance targets, it helped LTC climb a rung in the CoinMarketCap rankings. Once at #5 spot in terms of market cap, LTC has now overtaken Bitcoin Cash for #4 spot. To those hoping LTC will continue to climb the rankings, don’t hold your breath. LTC may overtake Ripple for #3 spot but it will have to double from today’s prices (with XRP holding steady) for that to happen.

On a technical basis the rally looks good but may be running out of steam. The candles are very bullish and the indicators support rising prices albeit with divergences showing. The divergence in MACD is especially troubling as it may lead to a top or reversal at some point in the future. That said the next target for resistance worth noting is close to $180, another 44% upside to today’s prices.

The long-term weekly chart is more bullish, showing a clear beak of resistance supported by the indicators and extending its move higher. The caveat with this one is that stochastic is consistent with a price correction that may see LTC trade lower in the near term. The long-term outlook is bullish though. A test of $180 is expected in the next two months, a move above that is likely once the halving is complete.

Again Litecoin [LTC] is Leading Bitcoin In New Bullish Wave, Suggest Analyst

Bitcoin has been bullish for the better part of January. During the past month, the leading digital asset has soared by 30%. Surprisingly, despite this impressive rally, that beats all traditional investment assets, Bitcoin has been one of the poor performers in the market. Bitcoin’s impressive run and trading chart shows that Litecoin could be leading Bitcoin. This happened last year as Litecoin went on the spectacular bullish wave that saw it gain more than 300% in a couple of months.

Litecoin Sets The Stage

Crypto analyst Loma who goes by Twitter name @LomahCrypto has shared a chart that shows the close correlation between the price movement of Litecoin and Bitcoin. He has also posted the question on whether Litecoin is leading Bitcoin again to the crypto community.

The alt market as a whole makes it nearly impossible to be bearish on the corn other than very short term, as in days/weeks

Can’t think of a single scenario where we witness a macro alt reversal while btc continues on a bearish path

The first half of 2020 saw Litecoin grow by more than 300% in anticipation of its block reward halving. This saw it trigger wider market rallies and among the top gainers was Bitcoin. Specifically, because the crypto community was buying and holding in anticipation of a similar rally with Bitcoin come this year. Unfortunately, following the halving, Litecoin prices crashed which was a result of its hash rate plummeting.

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During LTC’s peak in mid-June, It was trading for $140. By the end of the year, this had dropped to $40. In 2020, like most cryptocurrencies, Litecoin has been making a comeback and as we reported, has gained more than 20% to reach $70 at the start of the new month.

More gains as we mentioned in a previous article are expected for Litecoin. The digital asset has confirmed it’s Golden Cross and bulls should expect $100 soon.

The trading pattern correlation is accurate. But it unlikely that Litecoin is leading Bitcoin. Bitcoin is probably following the same pattern since it is now less than 100 days to its halving. One Twitter user in response to Loma’s suggestion has stated that the bullish trend is one that is shared across all cryptocurrencies.

The alt market as a whole makes it nearly impossible to be bearish on the corn other than very short term, as in days/weeks

Can’t think of a single scenario where we witness a macro alt reversal while btc continues on a bearish path

Return Of The Altseason

A number of Altcoins have in the past month outperformed Bitcoin. This has been a sign of the altseason making a comeback. Bitcoin, on its part, although outperformed by a number of coins, is strongly bullish with the halving and a number of macro-economic factors pushing it higher. Whether LTC is leading BTC or otherwise, there is no denying there are more gains to come in the long term.

Altcoins are rallying once again with Litecoin leading the charge

The altcoin markets have seen fantastic gains during the past 24 hours, with Litecoin claiming the title of top performing crypto.

The cryptocurrency markets have begun to rally once again with Litecoin (LTC) leading the charge for the top 10 cryptocurrencies, as per data from CoinMarketCap.

After enduring a week of losses, bitcoin jumped by $1,000 within an astonishing thirty minutes yesterday, prompting gains from the altcoin market. However, Litecoin was the clear winner, rising by a whopping 13%.

At the time of writing, Litecoin is trading at $98.98, however, at one stage the altcoin spiked to as much as $100 per token.

Altcoin markets in the green

It seems that the broader crypto markets are all in the green for now, which is a breath of fresh air considering a week of red. Bitcoin once again rallied and defended a critical area above $9,000.

Following the OG cryptocurrency’s moves, altcoins such as EOS, Binance Coin (BNB), Ethereum (ETH), and Bitcoin SV (BSV) have all seen gains between 7 and 12%.

Litecoin takes the prize for top-performing altcoin, leading the pack by an extra 1% in 24-hour gains.

The leading cryptocurrency, bitcoin (BTC) has surged by over 8% in the past 24 hours. After slumping below the $10,000 area yesterday, bitcoin has seen an impressive rally back to trading at $10,400 at the time of writing.

Ethereum has also recovered from several days of lows, managing to climb back to $220 in the past 24 hours.

Notably, Stellar has pushed TRON (TRX) out the top 10 cryptocurrencies as it managed to rally by 7% to exchange hands at $0.088531 at the time of writing.

Bitcoin SV is also up by nearly 7% and exchanging hands at $138 at the time of writing. The altcoin’s rally could be attributed to the recent news that it is now available in Brazil.

In a nutshell, the top twenty cryptocurrencies are all in the green, save for UNUS SED LEO which has seen a 2.8% dip in the past 24 hours to trade at $1.31.

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