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Litecoin was one of the best performing assets of the last 24 hours. The longtime cryptocurrency has gained 20% in the past 24 hours, beating Bitcoin’s 5% and Ethereum’s 3% gains.
This rally comes shortly after LTC was added to PayPal’s new cryptocurrency service. Many have seen this addition as a validation of the cryptocurrency, which has undergone a sharp correction after the 2017 bull market. LTC has yet to return to its all-time highs, even though it has risen substantially in recent days and weeks alongside Bitcoin and other major currencies .
Related Reading: Here’s Why Ethereum’s DeFi Market Could Be Close To Bottom
Litecoin explodes higher
LTC only gained 20% on the last day when buyers finally come into play.
Many have noticed this rally. Avi Felman, the lead trader at BlockTower Capital, recently shared this chart below, writing:
“Since BTC broke 16k and PayPal’s announcement, LTC has outperformed BTC. Is this retailing returning to the markets or are traders trying to retail at the forefront? “
Chart of LTC's price action over the past few years against Bitcoin from TradingView.com
While Litecoin is on the rise right now, some don’t think the coin has long-term value. Eric Conner, an Ethereum developer and analyst, recently said about Litecoin and other cryptocurrencies:
“Zombie chains and DeFi protocols still need massive relative repricing. Combined MC of XRP, BCH, LTC, DOT, BNB, ADA: $ 33 billion Combined MC of UNI, AAVE, SNX, YFI, MKR, COMP: $ 4 billion right … “
Related reading: Tyler Winklevoss: A “tsunami” of capital is coming for Bitcoin
Bitcoin bullish, rising alternative outlook
Bitcoin is bullish, which is increasing the prospects for altcoins like Litecoin from here on out. Willy Woo, a leading on-chain analyst recently commented on BTC’s outlook, referring to on-chain trends.
“Realized Price estimates the average price paid by the market for their BTC. Now at its steepest slope for this cycle, which means capital inflow into #Bitcoin it is at the highest rate since the last bull market. (Higher than last year’s $ 4,000 to $ 14,000 move; the current move is more organic.). For the sake of this comment I’ll define “organic”. “
Litecoin will benefit from further strength in the cryptocurrency market.
It is currently unclear whether the coin will surpass its previous all-time high in this cycle.
LTC also has fundamental favorable factors, including the integration of privacy technologies, which will allow LTC to separate from Bitcoin.
Related reading: 3 Bitcoin chain trends show a macro bull market is brewing
Featured Image from Shutterstock Price tags: ltcusd, ltcbtc, ltceth Charts from TradingView.com Litecoin (LTC) Surges 20% Higher as Bitcoin Pushes to New Yearly Highs
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