Litecoin (LTC) Emerges the Only Challenger to Bitcoin (BTC) On Weekly Charts

Spread the love

Bitcoin (BTC) is growing stronger and consolidating its market dominance during the recent volatility. Recently, BTC price surged past $25,000 levels to hit its new all-time high. However, it has retraced marginally back to $24,807 but is still up 5% on the daily chart.

While Bitcoin continues to dominate the weekly market performance, the only challenger to it is Litecoin at the moment. while the BTC weekly gains stand at just over 7%, the LTC weekly gains are at 20%. Almost every other altcoin has failed in this regard and has dropped against BTC. The below weekly chart clearly shows that Litecoin (LTC) has been making close moves to that of Bitcoin (BTC).

Courtesy: CoinMarketCap

A week before, Litecoin (LTC) made strong advancements from $82 all the way to hit its new 2020-highs above $120. even during the market correction on Thursday, Litecoin managed to hold above its crucial support levels of $100. On Christmas day, Litecoin made a swift recovery jumping 18% in the last 14-hours.

 

Grayscale Adding Litecoin (LTC) In Big Numbers

The Grayscale Litecoin Trust (LTCN) is the asset manager’s third most-valued offering in the market. The LTCN value has also surged all the way to $120 million in assets under management. During Thursday’s market correction, LTCN accumulated 106,420 LTC as part of its continuous purchase over the last week. Just over the period of last week, LTCN AUM has surged 50% from under $80 million to above $120 million.

Over the last one month, the Litecoin (LTC) price has surged over 90% as of the date as much of the gains come just over the last two weeks. But if we check the monthly charts as well, Litecoin (LTC) is still challenging Bitcoin (BTC) on monthly gains.

It looks like the Litecoin rally is just getting started. It is also possible that if the alt season kicks-off, LTC can surge all the way to its all-time high of $371.

RECOMMENDED READ:  Leading Industry Exec Says the Bitcoin Bull Case Is Clear as Day

 252 Interactions,  4 today

READ ALSO:
Bitcoin rises slightly over $51K as dollar weakens

BItcoin rallyes over $51,000 as the dollar stagnates, displaying signs of a short-term peak. The U.S. dollar index (DXY) reveals Read more

Maker, Tron, Waves Price Movement Analysis for 3rd March, 2021

After bouncing back from the $1,945 help stage, Creator was on his way to rehabilitation. At press time, Tron wanted Read more

What Is Tron and its cryptocurrency Tronix?

Tron is a blockchain-based, open network that seeks to create a secure, global digital information entertainment infrastructure using distributed storage Read more

Cardano, NEM, Sushiswap Price Movement Analysis for 3rd March, 2021

While the on-chain metrics for Cardano, NEM, and SUSHI pointed to a short-term pullback, the fate of the altcoins rested Read more

Leave a Reply

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

Contact Us