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Analyst on Litecoin and Ethereum: Don’t squander this opportunity now that it’s finally here



Binance Research: Altcoins record significant gains against BTC; commoners finally catching up to the king?
Source: Unsplash

The second-largest cryptocurrency by market cap continued with its impressive 2021 performance by registering yet another ATH over $4000. With a significant market dominance, the largest altcoin has witnessed an exponential surge in volumes traded over the past few months. 

Recently, analyst, Rekt Capital shed light on a trend for ETH/BTC pair which was last observed in December 2017.

Source: Trading View

Looking at the ETH/BTC chart, the analyst hinted at a possible surge in buying. Additionally, he drew parallels with another altcoin’s price trajectory Litecoin.

LTC prices surged by 35% to hit a one-year high against Bitcoin (BTC) this week, signaling an upside momentum for the remainder of the ongoing monthly session. The analyst speculated that chances of LTC registering a new ATH were very likely, owing to the coin’s correlation with the premier altcoin Ethereum.

Blockchain analytics firm, Glassnode noted a dramatic hike in the number of active Litecoin addresses since the beginning of 2021, indicating a rising demand for the crypto-silver.

A very similar pattern was observed with Ethereum in terms of the number of active addresses compared to LTC.

Source: Glassnode

The analyst also provided an argument for his hypothesis of LTC hitting ATHs. He stated that the asset had recently broken two important resistance levels – $226 and $305.

Another analyst claimed:

“I think it’s realistic to say that Litecoin will reach above $1,000 eventually, maybe even close to $1,500.”

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Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

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