Litecoin (LTC) recently witnessed an impressive three-day bullish streak, sparking investors’ excitement as its price surged beyond the $91 level. The extraordinary performance of the cryptocurrency during this period was celebrated by aggressive traders who saw it as a significant victory.
With this surge, Litecoin has caught the attention of market participants, generating new interest in its potential and heralding a potential shift in the broader cryptocurrency landscape.
The incredible growth of Litecoin in a short period of time has again boosted the optimism of cryptocurrency enthusiasts, who closely monitor its development.
Litcoin (LTC) has broken past Lows
LTC defied expectations with a notable 6.1% rally in the last 24 hours, and shot up to the $91.35 level, as reported by CoinGecko. This upward move comes as a pleasant surprise for investors and traders who had concerns about LTC’s descent from the March low of $72 on June 14.
Source: Coingecko
A drop below this critical level has fueled fears of a potential downward spiral for Litecoin. However, to the relief of aggressive market participants, strong buying pressure at the $72 support level proved to be strong and initiated a mild price rally.
LTC price movement in the last seven days. Source: Coingecko
The new one LTC price increase not only shows the cryptocurrency’s ability to bounce back from critical levels but also reinforces the positive momentum it has gained over the past seven days. During this period, Litecoin experienced an almost 20% increase.
Meanwhile, the important milestone to accept payments was recently noted in a post on the official Twitter account of Litecoin. The cryptocurrency specifically reached an all-time high of 167 million transactions.
LITECOIN
🛒 Payment usage is ATH
🔄167 million transactions
🌎 4th liquidity of all cryptos
🏗️ Many people build $LTC than before = precious ⚡ pic.twitter.com/kwr50SDbMR— Litecoin (@litecoin) June 22, 2023
LTC Rides the Wave of Bitcoin’s Momentum
The recent surge in Bitcoin towards the $30,000 mark had a significant impact on the broader cryptocurrency market, driving up the prices of various altcoins, including Litecoin. As the leading cryptocurrency experienced a recent upward movement, investors and traders eagerly embraced the positive sentiment in the market, driving the rise in altcoin prices.
The correlation between Bitcoin and altcoins has long been recognized in the cryptocurrency market. When Bitcoin shows strong momentum, it usually paves the way for other cryptocurrencies to follow, benefiting from the general optimism of the market. Litecoin, which is one of the popular altcoins, has also reaped the rewards of Bitcoin’s recent surge, adding to its own positive momentum.
Bitcoin halfway into reaching the $31K level on the weekend chart: TradingView.com
Bitcoin price movements have historically set the tone for the broader cryptocurrency market, and Litecoin’s recent rally is a testament to this relationship. As Bitcoin continues to make strides and gain attention with its upward movement, altcoins such as Litecoin stand to benefit from increased market interest and positive sentiment.
Featured image from The Market Periodical
