The price of LTC has reached a 13-month high against bitcoin – the highest in the history of litecoins?

Litecoin (LTC) prices rose by as much as 35% to a one-year high against bitcoin (BTC) this week, which will prompt analysts to predict a prolonged growth rate for the rest of the current monthly session.

LTC / BTC weekly candlestick chart (Binance). Source: TradingView

The LTC / BTC rate touched 6,358 sat during Asia-Pacific trading hours. The pair later corrected to an intraday low of 5,776 sat in front of the London opening bell as profitable moods rose near the summit of the meeting.

But according to data collected from Glassnode, the deceleration correction did little to compensate for the growing bullish power of Litecoin. Blockchain’s analytical firm has seen a dramatic increase in the number of active litecoin addresses since 2021, suggesting growing demand for silver cryptocurrency as well as an increase in the bitcoin trend shows signs of cooling.

The number of active litecoin addresses is increasing. Source: Glassnode

Altcoin season

The uptrend in the price of litecoins has emerged from the womb of the ongoing boom in the altcoin market. At recent meetings, bitcoin lost market share to a large army of competing cryptocurrencies with Ether (ETH), the second largest digital asset by market capitalization, reached a record high of over $ 3,500.

Against bitcoin, the price of ether reached almost 6,350 sat for the first time since July 2018.

Ether against bitcoin reached a three-year high. Source: TradingView

Litecoin performed similarly in the markets listed in bitcoins and in US dollars. On May 6, the LTC / USD exchange rate reached its previous high of $ 420, reaching $ 365.20 and then changed to the London session.

Chair analysts with massive follow-up on social media have begun to treat the litecoin trend as an incentive for a bigger and better rally ahead.

Meanwhile, the consolidating mood in the bitcoin market continued to push traders to look for profitable opportunities in the altcoin market. It has been shown that the declining dominance of cryptocurrency in the cryptocurrency market is indirectly correlated with the price performance of LTC / USD, as shown in the following graph.

Index dominance litecoin vs. bitcoin. Source: TradingView

The boom of litecoins

Bitcoin trades in the range of $ 51,000-60,000, with its long-term sentiment swaying. In its stable and consolidating avatar, the flagship cryptocurrency provides bull stimuli in the altcoin market, including litecoin.

Bitcoin enters a bear’s growing range of wedges. Source: TradingView

“I think it’s realistic to say that litecoin will eventually reach $ 1,000,” a pseudonymous cryptocurrency trader tweeted May 6 “Maybe even almost $ 1,500.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button