Litecoin Gains 10% Against The Dollar, Is This The Start of an Altcoin Rally?
After a steady, prolonged decline, Litecoin has begun rallying once again, growing 10% on the day against the dollar and as much as 5% against Bitcoin. Litecoin gaining once again, could also be a sign that altcoins are finally going to grow in value after an extended selloff.
Litecoin Rallies 10% on LTC/USD Pair
Litecoin broke out this week alongside Bitcoin, and quickly rocketed out from the recent lows and trading range the cryptocurrency had been confined within. But while Bitcoin struggles to gain its footing for a move higher, Litecoin was able to go on a massive, 13% rally intraday against the US dollar.
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On the LTC/USD trading pair, Litecoin after this week’s rally drop back down to a low for today of $43.75, then over the course of a few hours gained as much as 13% to reach $49.50 before retracing to current levels around $48.75 for a solid 10% gain on the day.
Crypto analysts on Twitter had been asking why Litecoin was pumping, but it’s likely due to the altcoin market and even Bitcoin, being so oversold due to the ongoing downtrend, that even the smallest glimmer of bullish sentiment can send the price of crypto assets flying high.
LTC/BTC Grows 5% In A Move That Could Lead An Alt Season
Litecoin isn’t just gaining against the US dollar, but also against Bitcoin. On the LTC/BTC trading pair, Litecoin outperformed Bitcoin today by as much as 5%, even with Bitcoin climbing on the day as well.
Litecoin is often called the silver to Bitcoin as digital gold, but the two cryptocurrencies don’t always have much correlation. As Litecoin’s halving was reached, Bitcoin took off on a rally, while LTC dropped from highs around $145, all the way back down to a recent local low of $36 – marking a 75% decrease in price.
But on the Bitcoin pair, things weren’t much better, as nearly even altcoin in the market, including Litecoin, lost significant value from their ratio against BTC.
Ahead of its halving, the 5th ranked crypto asset by market cap reached 18,911 sats on the ratio, falling to a low of just 5,481 satoshi, representing a 71% drop against Bitcoin. During today’s rally, Litecoin rose 7% bringing the price to over 6,100 sats before falling to current prices and closing the day with a 5% gain.
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Litecoin rallying against Bitcoin bodes well for the altcoin market, as when this occurs it usually kicks off a major rally across the entire asset class. Typically, during these phases, Bitcoin either also rises or stays relatively stable, allowing the alternative crypto assets a chance to regain some lost ground against the reigning king of crypto.
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