Litecoin, the silver to Bitcoin’s gold, is on a roll as it surged by a massive 28% in a span of two days, pushing the coin to the fifth spot on CoinMarketCap.
The coin has seen a constant pump in the prices since 5 March, 2019. Litecoin was at $45 on the day and at press time, was trading at approximately $58. Litecoin’s market cap also rose by $800 million within the above-mentioned time frame.
The price rise took place in two distinct steps. While the first uptrend pushed the prices from $45 to $52, the second pushed the prices fro $52 to $ 58. A period of sideways movement and price consolidation was seen between these two uptrends.
It could be speculated that the impending Litecoin block halving on August 07, 2019 may have pushed the coin’s price upwards. Moreover, the plan for the addition of a security layer for Litecoin by implementing Mimblewimble and Taproot technology could also have affected the prices.
Some analysts also believe that Litecoin’s rally could set up a bullish rally for Bitcoin itself, as was previously seen during the last crypto-boom.
The Litecoin community has been pushing for global adoption and recognition tirelessly, and it has paid off as Litecoin became the first cryptocurrency to sponsor a UFC fight. Additionally, Litecoin is being used by various merchants around the world for day-to-day use.
A Twitter user @widelcwoku commented,
“Isn’t alts bottom always correlated with btc and accrue simultaneously- with exceptions of some pumped shitcoins.”
@Btech570, another Twitter user commented,
“Yes but LTC is special since it’s being used to move assets around due to transaction speed e.g. BTC to LTC then transfer and convert back to BTC or fiat to LTC transfer then LTC to BTC”
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