More

    Litecoin (LTC) continues to surge with another intraday rally—but why?

    The Litecoin price surged 6% again in the past 24 hours, after a week-long rally. It has become the second-best performing cryptocurrency by weekly gain.What’s triggering the Litecoin price rally?There are three major factors behind the Litecoin price rally: ideal technical structure, Bitcoin’s rally, decent fundamentals.Jonny Moe, a cryptocurrency trader, pinpointed the LTCBTC pair’s momentum. Most altcoins, including Ethereum, have stagnated against BTC.Hence, Litecoin showing some strength on the LTCBTC pair is noteworthy. He said:“LTC on the $LTCBTC pair looks loose and ready to run. On $LTCUSD, we are completing a huge weekly Adam and Eve double bottom pattern with a neckline @ $146.”Atop the favorable market structure of Litecoin, the Bitcoin price has been increasing rapidly. This has caused the overall confidence in the market to increase.Philip Swift, the creator of LookintoBitcoin.com, said there were some sellers on Coinbase but there has been lots of on-chain activity.The continuous increase in the on-chain activity of Bitcoin has led the price of BTC to surpass the previous all-time high.On December 27, Bitcoin rose to as high as $27,632 across major exchanges, achieving a new all-time high. The analyst noted:“BTC price action looks strong here. Few sellers on Coinbase in the short term shown here by the lack of asks (yellow lines) above price. In terms of on-chain activity… Advanced NVT (blue line) has actually pulled back from the overbought (red zone) as price went sideways/up. This indicates LOADS of on-chain activity over the past week or so, and suggests more potential for upside in short term.”Some argue that the rising price of Bitcoin is bad for altcoins, as BTC sucks out the volume from the market. However, Litecoin has been one of the only altcoins that have been increasing in value against BTC.LTC’s strong fundamentalsJohn Kim, a Litecoin evangelist and a Litecoin Foundation member, named various factors that buoy the fundamentals of the cryptocurrency.Kim pinpointed the 98% dominance of Litecoin in the Scrypt consensus algorithm space and $500 billion historical volume on the network. Kim wrote:“Zero Downtime, 100% Uptime; King of Scrypt with 98% dominance; Over 500 B transacted on it’s network; Segregated Witness before #BTC; Time tested & proven; One of the most liquid and on about every exchange; 2nd place at ATM’S; MimbleWimble.”The combination of optimistic fundamentals of the Litecoin network and the strength of the LTCBTC pair has been the main catalyst of LTC so far.Whether the continued momentum of Bitcoin could hurt the altcoin market’s prospect in the near term remains to be seen. The Bitcoin dominance index has been climbing closer to 70%, which puts an “altcoin season” at risk.Litecoin, currently ranked #5 by market cap, is up 6.99% over the past 24 hours. LTC has a market cap of $9.14B with a 24 hour volume of $13.75B.Litecoin Price ChartLTCUSD Chart by TradingViewLike what you see? Subscribe for daily updates.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 39,754.00
    ethereum
    Ethereum (ETH) $ 2,642.42
    tether
    Tether (USDT) $ 1.00
    binance-coin
    Binance Coin (BNB) $ 335.43
    cardano
    Cardano (ADA) $ 1.33
    xrp
    XRP (XRP) $ 0.751199
    usd-coin
    USD Coin (USDC) $ 1.00
    dogecoin
    Dogecoin (DOGE) $ 0.205187
    polkadot
    Polkadot (DOT) $ 18.50
    binance-usd
    Binance USD (BUSD) $ 1.00
    uniswap
    Uniswap (UNI) $ 22.94
    chainlink
    Chainlink (LINK) $ 23.70
    bitcoin-cash
    Bitcoin Cash (BCH) $ 549.72
    litecoin
    Litecoin (LTC) $ 143.33
    solana
    Solana (SOL) $ 33.96
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 39,762.00
    matic-network
    Polygon (MATIC) $ 1.06
    ethereum-classic
    Ethereum Classic (ETC) $ 51.78
    stellar
    Stellar (XLM) $ 0.281414
    theta-token
    Theta Network (THETA) $ 5.91
    vechain
    VeChain (VET) $ 0.087135
    internet-computer
    Internet Computer (ICP) $ 40.91
    dai
    Dai (DAI) $ 1.00
    filecoin
    Filecoin (FIL) $ 55.24
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022105
    okb
    OKB (OKB) $ 18.82
    terra-luna
    Terra (LUNA) $ 11.92
    tron
    TRON (TRX) $ 0.065415
    cdai
    cDAI (CDAI) $ 0.021626
    aave
    Aave (AAVE) $ 326.72
    monero
    Monero (XMR) $ 235.28
    compound-ether
    cETH (CETH) $ 53.03
    eos
    EOS (EOS) $ 4.08
    ftx-token
    FTX Token (FTT) $ 36.24
    cosmos
    Cosmos (ATOM) $ 12.75
    pancakeswap-token
    PancakeSwap (CAKE) $ 16.17
    amp-token
    Amp (AMP) $ 0.066845
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.125629
    the-graph
    The Graph (GRT) $ 0.670740
    neo
    NEO (NEO) $ 44.64
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    leo-token
    LEO Token (LEO) $ 3.08
    bitcoin-sv
    Bitcoin SV (BSV) $ 145.53
    maker
    Maker (MKR) $ 3,020.20
    tezos
    Tezos (XTZ) $ 3.17
    algorand
    Algorand (ALGO) $ 0.837065
    klay-token
    Klaytn (KLAY) $ 1.04
    celsius-degree-token
    Celsius Network (CEL) $ 6.02
    iota
    IOTA (MIOTA) $ 0.912055
    avalanche-2
    Avalanche (AVAX) $ 13.27