Litecoin Trades Side By Side With Bitcoin, Increases 50% Over The Week
The recent price surge that we reported in our altcoin news shows that the entire crypto market followed bitcoin during the pursuit of the $5000 range. However, during the price surge, some cryptocurrencies traded against Bitcoin. Litecoin was not one of them.
Over the past week, Litecoin managed to increase by more than 50 percent. In the same time, Ripple and Ethereum increased in value but only by 16-18 percent. This could be the case because the LTC/BTC pair has been trading in a positive correlation for a quite some time now.
On the other hand, ETH/BTC and XRP/BTC trading pairs have been in a negative correlation with the number one cryptocurrency. When Bitcoin rises, both of the cryptocurrencies are going lower. Although both Ripple and Ethereum have seen some price increase against the USD over the past seven days, both of them suffered against Bitcoin which lowered down their potential price increase for the following period.
Litecoin is now in an incredible phase after it managed to increase by a stunning 145% over the past three months. The coin currently trades at about $93.80. Litecoin is ranked at the fourth position by market cap value since it is currently at $5.70 billion.
If you look up the LTC/USD charts you can see that from the previous altcoin analysis, the price surge continued when the coin’s price reached above the resistance level of $90. The current close resistance line stands at $100. This level is strengthened due to the expected increase in supply. The next resistance line above $100 comes at $110, $119 and $125.
The nearest resistance level from below the $90 price point is at $81, $75 and $68. The trading volume did drop a little at the end of the 2019 March average level but that happens during the weekend sometimes.
We can also notice that the LTC trading volume has returned to the average level.