Litecoin’s persistent price increase continues and might push above $60 soon as the coin continues to outperform Ethereum and Bitcoin.
There have been suggestions and speculations that most cryptocurrencies and altcoins are correlated with Bitcoin (BTC) and there have been enough evidence to suggest the claims are true. Especially with the top 20 crypto coins by market cap.
However while a respectable number of analysts— and perhaps biased investors—have touted Ripple to be the first major coin to break out of Bitcoin’s hold, due to the coin’s success and dominance on the fintech terrain, another top coin is reminding the crypto community of its resilience.
Litecoin has frequently come under the banters and fingers of crypto influencers who have not failed to point out the notion that Litecoin (LTC) is not offering anything particularly new or special to the cryptocurrency space. While new emerging coins such as Grin and the recent IOTA have been lauded for their technology, with controversial privacy coins Monero and Zcash even getting their share of praises, Litecoin stayed below the radar the majority of 2018. Its defying increase however since the turn of December has not failed to catch the eye of cryptocurrency investors.
Valued at about 20$ in November 2018, Litecoin (LTC) was among the few cryptocurrencies to fare slightly better towards the end of the year in what was a trying winter for the crypto market. December saw LTC close in on $30 towards the end of 2018, more than 40 percent increase.
Now maintaining an uptrend above $54 against the US dollar, Litecoin’s performance has unarguably bettered Bitcoin and Ethereum, and there are no signs of it ending soon. An important bullish trend line has been formed with support at $55.50 on the hourly chart, and analysts are predicting that the price of Litecoin might consolidate soon before embarking on an upward climb to break through the $60 mark resistance.
While there are significant signs that the value of LTC would test values of $58-$59 very soon, a downward drop below $54 support level might see LTC price find lower support at $51.50 according to analysts.
The general opinion remains if the crypto market performs fairly well in the near term, LTC would most probably continue to outperform its peers.