Litecoin Surges 20%, Will LTC Spark Another Major Crypto Rally?
One of today’s biggest movers on crypto markets is Litecoin. LTC has been relatively quiet in recent weeks when its big brother has taken the limelight, but today it has surged to $70.
Crypto market momentum is still building as we round out another week. A further $10 billion has been added to total capitalization taking it to a four month high of $263 billion. Bitcoin has grabbed another couple of percent in a push above $9,500 but today’s top mover is little brother Litecoin.
Litecoin Lights it Up
The silver to bitcoin’s gold has been on fire over the past few hours surging an epic 20% from $58 to top out at $70 according to Tradingview.com. LTC is currently the best performing altcoin in the top 25 and the only one in double digit gains.
LTC prices 1 hour chart – Tradingview.com
The move has lifted Litecoin to a four month high and broken the downwards channel. A minor pullback has dropped prices back to $67 at the time of writing.
Traders and analysts have been eyeing the moves and looking for support and resistance levels.
That’s what I’m talking about.
Litecoin is up over 10% today. 🔥🔥
Top Goon X still showing good trend strength and not indicating any dip yet. https://t.co/QMNgTe0t64 pic.twitter.com/DaOkWY3P5i
— NebraskanGooner📈 (@nebraskangooner) January 30, 2020
After such a quick surge LTC is likely to fall back to its support level, which is just above $60, before another leg higher.
2019 Rally Redux?
Litecoin has made a whopping 64% so far this year, almost double that of its bit brother. Last year it was one of the best performing crypto assets, for the first half of 2019 anyway. LTC surged over 350% from January to June.
Some have observed the movements of Litecoin and compared them to last year’s rally.
“#LTC had almost 5X fold in last bear to bull run from around $30 to around $130. That included halving. $LTC is the silver hope you are holding $BTC for the next halving of the gold.”
The LTC halving was widely considered to be the catalyst for the 2019 bull run as Litecoin led markets for some time in April and May.
A similar situation could be unfolding at the moment although there is no halving to lift Litecoin this time around.
Last week Litecoin founder Charlie Lee proposed that mining pools donate 1% of the block reward to the Foundation to support ongoing development. The proposal mirrors one by Bitcoin Cash leaders though theirs was much steeper and consequently labeled a tax.
Litecoin has fallen out of favor over the past six months or so but today’s action proves that the bulls are still very interested in this digital asset.
Will Litecoin lead the rally again this year? Add your comments below.
