Bitcoin remains below its high set earlier in the week, but out of nowhere, Litecoin has surged an additional 13% today alone, capping off a 33% green week for the previously lagging altcoins.
But why is the altcoin offered referred to as digital silver soaring so wildly compared to the rest of the crypto space, Bitcoin including? Here are a dozen or so key factors behind the Litecoin rally and why an end is nowhere in sight.
Litecoin Soars 13% Intraday, Is A Long-Term Altcoin Recovery Here?
Bitcoin has been destroying all expectations and smashing through any slight chance of resistance with ease. In its wake, it has also decimated most altcoins, dealing a devastating blow to the alternative crypto tokens and causing dominance to rise to two-thirds of the total market cap.
Altcoins are seemingly in trouble, except for one light in all the darkness: Litecoin. Even Bitcoin today couldn’t revive its bullish momentum enough to set a new peak. Yet Litecoin has added 13% to its value today alone, taking the once lagging altcoin to $83.
Litecoin surges more than 13% in a single day while Bitcoin remains stable | Source: LTCUSD on TradingView.com
In the past week alone, Litecoin has risen 33%, and it could only be the start. The fact that the hard-capped altcoin built on modified Bitcoin core code has spent so long behind Ethereum, DeFi, Chainlink, and the rest of the crypto space, it is time for the coin to come out from the shadows and brighten up the somber altcoin market once again.
But why, aside from previous underperformance being made up for, is the asset so suddenly bullish.
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