Litecoin Continues Bullish Momentum, Registers 15% Gains In Past Week
This last week has been green for much of the crypto market as many top coins have managed to get double digit gains in the period. LTC, which was already having a better time than the others, has been no different.
The past 24 hours or so, especially, have been great for Litecoin as the crypto has risen by 9%. Following this increase, the coin’s price is now trading around $83.1.
Here is a chart that shows the trend in the value of LTC during the last month:
The price of the crypto seems to have sharply gone up in the last day | Source: LTCUSD on TradingView
As you can see in the above graph, during the first third of November LTC crashed alongside the rest of the crypto market as the FTX exchange went down.
However, in the final part of the month Litecoin rapidly made recovery and quickly surpassed the peak from before the crash.
LTC’s strength during the last month has been something extraordinary, as even giants like Bitcoin and Ethereum are still suffering from double digit losses due to the crash.
Overall, in the past 30 days Litecoin has accumulated profits of 23%. In terms of weekly performance, LTC has gone up by more than 15%.
LTC Becomes 12th Largest Crypto By Market Cap
Over the course of the past month, LTC has been steadily climbing up spots in the top crypto list, thanks to its strong strength during a period where its competitors have declined.
The list is based on the criteria of “market cap,” a measure of the total worth of a crypto’s entire circulating supply. Below is a table that shows where Litecoin stands in the wider market in terms of the cap size.
Looks like DAI has now fallen down to the 13th spot on the list | Source: CoinMarketCap
It was only at the end of this October that Litecoin stood at the 20th place on this list, but since then the coin has made a massive jump of 8 spots in the span of a little more than a month.
The coin sitting just above LTC right now is Polkadot, which has seen some decent returns recently, but they have still been worse than LTC’s. If the crypto can keep up its recent momentum, then it may surpass DOT in the coming days, and be geared up to challenge for a spot among the top ten.
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com