Litecoin (LTC) costs surged by as much as 35% to hit a one-year excessive towards Bitcoin (BTC) this week, prompting analysts to foretell an prolonged upside momentum for the rest of the continued month-to-month session.
The LTC/BTC trade charge touched 6,358 sats through the Asia-Pacific buying and selling hours. The pair later corrected to an intraday low of 5,776 sats forward of the London opening bell as profit-taking sentiment grew close to the sessional peaks.
However in response to information collected from Glassnode, the draw back correction did little in offsetting Litecoin’s rising bullish energy. The blockchain analytics agency famous a dramatic spike within the variety of energetic Litecoin addresses starting 2021, indicating a rising demand for the silver cryptocurrency simply because the Bitcoin uptrend shows signs of cooling off.
The Litecoin price uptrend surfaced out of the womb of an ongoing altcoin market boom. Recent sessions saw Bitcoin losing its market share to a large army of rival cryptocurrencies, with Ether (ETH), the second-largest digital asset by market capitalization, hitting a record high above $3,500.
Against Bitcoin, Ether’s price reached almost 6,350 sats for the first time since July 2018.
Litecoin similarly did well in both the Bitcoin- and U.S. dollar-quoted markets. On May 6, the LTC/USD exchange rate reached within the range of its previous historic high of $420, hitting $365.20 before turning lower into the London session.
Armchair analysts with massive followings on social media have started treating the Litecoin uptrend as a cue for a bigger, better rally ahead.
$LTC just lately rallied to $360+
Which suggests #LTC has damaged two crucial resistance ranges:
These are #Litecoin 4 Yr Cycle ranges
Break the previous All Time Highs and Candle 1 will rally to new unimaginable highshttps://t.co/BCRcr7B6GB pic.twitter.com/mZl1A9BOyK
— Rekt Capital (@rektcapital) May 6, 2021
In the meantime, the Bitcoin market’s consolidation temper continued to push merchants to hunt worthwhile alternatives within the altcoin market. The benchmark cryptocurrency’s declining dominance within the crypto market got here out to be inversely correlated with the LTC/USD worth efficiency, as proven within the chart beneath.
Bitcoin is buying and selling contained in the $51,000–$60,000 vary, with its long-term sentiment skewed to the upside. In its steady, consolidating avatar, the flagship cryptocurrency offers bullish cues to the altcoin market, together with Litecoin.
“I feel it is lifelike to say that Litecoin will attain above $1,000 ultimately,” a pseudonymous crypto dealer tweeted on Might 6. “Perhaps even near $1,500.”