As you might expect, nearly all eyes have been on Bitcoin since its peak on Thursday. Many have been anticipating a wider correction which so far has failed to appear. As BTC settles today, a number of its siblings have begun taking off and Litecoin is leading the pack in the course of weekend trading.
Litecoin Surges 15% on Sunday
Saturday and Sunday trading has been rather unsubstantial for a lot of the altcoins. Quite few of them have made greater than a couple of percent back from their double digit dumps on Friday. When the Bitcoin flash crash pruned $55 billion off crypto markets, Litecoin plunged back to $110. The correction triggered a 24 percent slide from its recent high of $145.
Bitcoin’s correction was a quite similar 25 percent from $13,800 to a low of $10,300 before it started to recover again. Today BTC is back over $12,000 but Litecoin has pumped today making it to $135 again before starting to consolidate.
Daily volume for LTC has powered up to $5.7 billion which has driven market capitalization back above $8 billion enabling it to take back fourth spot from Bitcoin Cash which has not moved much in comparison. Litecoin has now recuperated almost all losses from the latest mini-pullback. On the year LTC has made an outstanding 333 percent gain, outshining even Bitcoin.
Halving Only 36 Days Away – 400% Surge Last Time Around
The Litecoin halving is now nearly a month away, slated for August 5. Because LTC has established resilience and recuperated all losses while at the same time the altcoins around it are still weakened, more gains are probable despite what Bitcoin does in the coming days.
The next major resistance level for LTC is about $180, with a higher one at $225. When Litecoin moves, it does not loiter. In early December 2017, LTC was priced similarly to today, however over the next seven days or so it pumped to $370 increasing just about 175 percent in just a few days. This was totally speculative FOMO with no technical or fundamental indicators such as a halving event.
Litecoin’s last halving was in August 2015. The month before this happened, LTC climbed a mind blowing 400 percent from $1.70 to $8.50 so a quite similar pump this time around may not be out of the question.
Other altcoins have been asleep comparatively. Bitcoin Cash has yielded its fourth spot to LTC despite having adding 5 percent today to achieve $440. EOS has been remarkably lackluster scraping back just a few percent from its recent double digit dump, and Binance Coin is also fairly quiet today.
A few of the alts in addition to Litecoin are back on track this Sunday however. Chainlink is still cranking on the recent Coinbase Pro listing as LINK surges 23 percent to top $4. BAT is also going well with 12 percent gained and BitTorrent Token is up 10 percent as the BT file system testnet is about to go live in a couple of days.
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