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Litecoin [LTC] bounces above 10.5% in one hour; Lightning Network to credit?

Priyamvada Singh

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Litecoin [LTC] bounces above 10.5% in one hour; Lightning Network to credit?
Source: Pixabay

The cryptocurrency market has turned green is moving toward a hopeful bull-run wherein Litecoin [LTC], the seventh largest coin by market cap has finally gained momentum and broke out above 10.5% today. At the time of writing, the coin was trading at a relatively bullish price of $26.06 with a market cap of $1.55 billion. The 24-hour trading volume was recorded at $353.4.

The investment sentiment has clearly risen for Litecoin. One of the strongest speculations for the price hike is the announcement by CoinGate that hinted toward the deployment of the much-awaited Lightning Network. Here, Charlie Lee, the creator of LTC also retweeted the post on Twitter.

Recent post by Charlie Lee | Source: Twitter

Recent post by Charlie Lee | Source: Twitter

After breaching multiple supports in the 1-hour candlestick, the support level finally settled at $22.4, post which the coin started to pump up with all enthusiasm.

LTC hike in 1-hour price candles | Source: tradingview

LTC hike in 1-hour price candles | Source: tradingview

At the beginning of the 24-hour cycle, LTC was trading at a depreciated price of $23.5 where its market cap was equivalent to $1.4 billion. Throughout the day, the price remained silent and stable until it made a sudden stride and reached $26 where a million dollar was added to its market cap, making a total of $1.5 billion.

However, LTC has yet not touched its week-peak, which was achieved earlier in the week at $26.9 with a market cap of $1.6 billion. The lowest of the week for the cryptocurrency was when it was trading at as low as $22.9.



Prashant Sharma, a cryptocurrency and blockchain space enthusiast, on the news of Lightning Network announcement, commented:

“Buy your Litecoins back and kick start the bull run :D”

Another Twitter handle called Litecoin Bull also wrote:

“if you are trying to put a BIG BUBBLY bulge in the front of my jeans, charlie, you are surely succeeding..”



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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

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