Thus far, Litecoin has been among the weakest performers in the cryptocurrency top ten by market cap during this recent altcoin season, but that is all about to change.
Here’s why Litecoin is ready to shine once again and could soon become the stand-out industry leader.
Why Has Litecoin Lagged Behind The Rest Of The Altcoin Market?
Altcoins especially take the brunt of the beating, and Bitcoin holds onto more value gained than others. But when sentiment is positive, altcoins typically outperform Bitcoin by a sizable margin, during phases called alt seasons.
Related Reading | Here’s The Line Separating Bitcoin Dominance From Altcoin Season
Another alt season is upon us, and even meme-based assets like Dogecoin are rallying 800% in a single day. Ethereum has set a new all-time high and most other top ten cryptocurrencies by market cap are soaring. Even XRP, a coin now reeling due to being deemed an unregistered security by the SEC, saw a surge.
Meanwhile, one of the oldest coins out there and one that has hung onto the top ten assets by market cap for much of its existence, continues to lag behind the market. But Litecoin could be gearing up for something huge.
Litecoin has an extremely negative reputation in the crypto market, both for its recent failure to produce returns for investors, and due to the coin’s founder dumping holdings at the peak of the last bull market.
It left a sour taste behind and tarnished the digital silver’s reputation. But technically, and fundamentally, Litecoin is ready to rip.
Technical And Fundamental Factors To Fuel FOMO For Digital Silver
According to data from Grayscale Investments, BTC holdings over the last 30 days have increased by more than 40,000 BTC. ETH holdings dropped by 6,000. Grayscale, however, added 150,000 LTC during the same timeframe for bullish signal…