Litecoin (LTC) costs surged as much as 35% to hit a one-year excessive in opposition to Bitcoin (BTC) this week, prompting analysts to foretell an prolonged upside momentum for the rest of the continuing month-to-month session.
The LTC/BTC change price touched 6,358 sats throughout the Asia-Pacific buying and selling hours. The pair later corrected to an intraday low of 5,776 sats forward of the London opening bell as profit-taking sentiment grew close to the sessional peaks.
However, in keeping with information collected from Glassnode, the draw back correction did little in offsetting Litecoin’s rising bullish energy. The blockchain analytics agency famous a dramatic spike within the variety of lively Litecoin addresses starting 2021, indicating a rising demand for the silver cryptocurrency simply because the Bitcoin uptrend shows signs of cooling off.
The Litecoin value uptrend surfaced out of the womb of an ongoing altcoin market increase. Latest periods noticed Bitcoin shedding its market share to a big military of rival cryptocurrencies, with Ethereum, the second-largest digital asset by market capitalization, hitting a document excessive above $3,500.
Litecoin equally did effectively in each the Bitcoin- and US-quoted markets. On Thursday, the LTC/USD change price reached throughout the vary of its earlier historic excessive of $420, hitting $365.20 earlier than turning decrease into the London session.
Armchair analysts with a large following on social media have began treating the Litecoin uptrend as a cue for an even bigger and higher rally forward.
$LTC just lately rallied to $360+
Which suggests #LTC has damaged two essential resistance ranges:
These are #Litecoin 4 12 months Cycle ranges
— Rekt Capital (@rektcapital) May 6, 2021
In the meantime, the Bitcoin market’s consolidation temper continued to push merchants to hunt worthwhile alternatives within the altcoin market. The benchmark cryptocurrency’s declining dominance within the crypto market got here out to be inversely correlated with the LTC/USD value efficiency, as proven within the chart beneath.
Bitcoin is buying and selling contained in the $51,000-60,000 vary, with its long-term sentiment skewed to the upside. In its steady, consolidating avatar, the flagship cryptocurrency supplies bullish cues to the altcoin market, together with Litecoin.
“I believe it is lifelike to say that Litecoin will attain above $1,000 finally,” a pseudonymous crypto movie star tweeted on Thursday. “Possibly even near $1,500.”