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BTC $41923.17 (-3.6%)
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BCH $490.16 (-1.9%)
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BNB $341.48 (-1.5%)
ADA $2.11 (-3.8%)
DOGE $0.20 (-1.9%)

Litecoin (LTC) Soars 50% Over the Week Amid Bitcoin (BTC) Boom

Litecoin (LTC) Soars 50% Over the Week Amid Bitcoin (BTC) Boom
  • Litecoin surged over 50% riding the Bitcoin boom.
  • LTC gain came after its price jumped over 20%.
  • Moreover, there was a strong surge in Ethereum, Ripple, and Bitcoin along with Litecoin

Litecoin (LTC) has surged 50% over the week amid the Bitcoin (BTC) success seen in the last few days.

LTC Surged Over 50% Riding BTC Boom

Litecoin is an early bitcoin spinoff developed by Charlie Lee. As the fifth huge cryptocurrency by market cap, LTC has surged more than 50% over the week. On the other hand, Bitcoin continues to boom with a market cap of more than $360 million, showing a bullish crypto market trend.

According to CoinGecko, the LTC price is hovering from about $75 a week ago to $118, at the time of writing.

LTC Price Chart 1-Month (Source: TradingView)
LTC Price Chart 1-Month (Source: TradingView)

LTC/USDT has shown outstanding performance in the past few days. If this continues, the crypto could run along with the bulls in breaking the resistance level of $125, which can lead to a high price of $150.

On the other hand, in case the LTC price fails to maintain its position with the bulls, the crypto might break out its bullish position.  More so, it might fall down along with the bears at the psychological support level of $100. In this case, the digital asset must find a way to recover quickly.

Even more, the Litecoin gain came after its price jumped over 20%. In addition, LTC’s 7% increase caused its market capitalization to reach over $7.7 billion. Additionally, its daily transactions also increased from 58,000 to over 70,000.

Notably, Litecoin is far away from its all-time high of $375.29.

LTC saw a renewed surge back in September. This was due to Litebringer, a blockchain fantasy RPG game that made gamers trade in-game loot for Litecoin.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.