Litecoin has reached a new six month high after a very aggressive last two days or so. The silver standard digital currency’s performance left much to be desired during the last 4-5 months, trailing Bitcoin and other altcoins in its recovery. Now, it seems like it is up and running again and looking to regain its earlier highs of this year above $400. At press time, it is trading at $267, down from its high of $274 recorded earlier today.
Litecoin’s move during the last two days was a surprise for many traders as the digital currency had performed consistently poorly during the last few months, allowing newer cryptos like Uniswap (UNI), Solana (SOL), Polkadot (DOT), Terra (LUNA), Avalanche (AVAX) to overtake it. However, for Litecoin it is now finally time for some payback and the cryptocurrency has risen multiple places to #14 in the charts and has largely stayed there. Overall, the latest rise for LTC is now more than 35% on a weekly basis, making it one of the best performing coins in the short-term.
The last 24 hours started with Litecoin at around $226. It traded sideways for a while before it started to up the ante around 1 AM in the morning. First, it went above $240 and then went on a steady incline for much of the day culminating with its move to $274, the highest value the digital asset has posted for just under 6 months. It posted a new all time high of $410 back in May this year but its fall was as swift as its rise. It immediately came back down below $200 and then as low as $100 in a matter of weeks.
Now, as the crypto market expands into new horizons with Bitcoin, Ethereum and many other digital currencies posting new all time highs, Litecoin has finally stated the intent to join the rest of the pack to new highs. However, the cryptocurrency still has a lot of ground to cover before it starts to challenge its all time high of $410. While this is a mammoth task ahead for bulls, it is certainly doable. Other digital currencies are near their all time highs recorded in May or have already surpassed it. So, this gives Litecoin a lot of room for upside action without typical bull exhaustion we see with Bitcoin, etc.
But, at the same time Litecoin is facing increased pressure from other cryptocurrencies right around its market capitalization. Gone are the days when Litecoin’s position as a top 10 cryptocurrency was a sure shot conclusion. It dropped to #20 just weeks earlier and is only now beginning to fight its way up. An entry to the top 10 will once again reinstate its position as a crypto heavyweight that is not looking to go anywhere soon enough.
Image Source: pixabay.com
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