Litecoin Continues Its Recent Strength, Observes Sharp Uptrend
This past month has been very bad for much of the crypto market, as even giants like Bitcoin and Ethereum have been under fire in the period.
The crash caused by the fall of crypto exchange FTX has been the core reason behind the poor performance of assets in the sector.
Litecoin has, however, shown much more resistance, and the crypto has even observed a rise while the rest of the market has been burning.
At the time of writing, LTC’s price floats around $78, up 21% in the last 24 hours. Here is a chart that shows the trend in the value of the crypto over the last thirty days:
The price of the coin seems to have rapidly risen up in the last couple of days | Source: LTCUSD on TradingView
As you can see in the above graph, the crash initially also caused Litecoin to take a deep plunge as its price went from more than $72 before it to less than $50 after it.
However, the crypto didn’t take too long to start putting together recovery efforts, and thus fared better than the other cryptos in the couple of weeks that followed the crash.
In the last 24 hours or so, though, LTC has taken it to another level as the crypto’s price has just rocketed up.
Following this latest rapid increase, Litecoin has fully recovered from the FTX crash, and has actually far surpassed the peak observed just before it.
As a result, LTC is up by more than 50% in the last month, while the likes of Bitcoin and Ethereum are double digits into the red for the same period.
In terms of the weekly returns, Litecoin has again performed amazingly, seeing an increase of almost 35%.
Litecoin Overtakes Shiba Inu In Market Cap
During the end of October, Litecoin was the 20th largest crypto by market cap, but the coin’s strength this month against the rest of the cryptos made it the 15th largest a couple of days back.
The latest rally has naturally further boosted LTC’s position on the top crypto by market cap list, taking it from 15th to 13th. The below table shows where the coin stands among the wider market right now.
Looks like LTC has a market cap of $5.5 billion at the moment | Source: CoinMarketCap
Previously, Shiba Inu had been sitting at the 13th position on the list, but now the memecoin has slipped down to 14th following Litecoin’s surge.
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com