Over the previous day’s values, this altcoin has increased by more than 20%. As a result of this price activity, Litecoin has risen to 14th place in the cryptocurrency market valuation rankings. As a result, investors hunting for substantial tokens are presently noticing LTC pop up on their radar.
This shift in LTC seems to be fueled by a variety of factors. Broadly bullish momentum has recently been gaining across the whole crypto industry, which is one of the primary causes.
It’s predictable to watch tokens like LTC tread in the footsteps of mega-cap tokens like Bitcoin and Ethereum, which have just set fresh all-time highs.
Of course, Litecoin’s ascent has exceeded that of most of its cryptocurrency contemporaries, notably those with market caps in the billions of dollars. As a result, this is a coin that is producing a lot of buzz in the market right now.
The Predictability of Litecoin
Investors are looking for financial assets to combat inflation fears, which has led to this surge. With the Federal Reserve beginning to taper, the consumer price index climbing to heights not seen in a long time, and the possibility of interest rate increases in the future, investors are searching for safe havens in digital currencies such as Litecoin.
While Litecoin is still riskier than Bitcoin or Ethereum, traders appear to prefer the consumer and retail engagement this altcoin has already seen.
Litecoin, which is seen as a possible commerce-oriented cryptocurrency, could climb in retaliation to poor perceptions of fiat currency. Such viewpoints appear to be gaining traction nowadays.
As previously said, Litecoin’s ascension to 14th place in the virtual currency rankings shines a spotlight on this lesser-known crypto. This is fantastic news for individuals who have already invested in Litecoin.
Whether or not this pace is sustainable is another story. Nonetheless, today’s technical backdrop and present trend look to be supportive of LTC. As a result, this is a token that has made it onto my watch list today.
Lee announced his sales in December 2017, just a few weeks after his market high, and it has an almost perfect execution. Lee claimed he sold his interest to escape charges of Litecoin market manipulation. He said that tweeting about Litecoin was an ethical dilemma for him. Because he owned so much of the cryptocurrency and had such a powerful influence.
Even if his motives for selling are valid, the fact that the founder has sold all of his assets does not inspire trust in this cryptocurrency.
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