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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.

Bitcoin

Bitcoin prices hit $150 billion market cap for the first time in 2019 as prices pump by 11%

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Bitcoin prices hits $150 billion market cap for the first time in 2019 as prices pump by 11%
Source: Unsplash

Bitcoin’s parabolic rise that started in April seems to be staggering as the increase in price vs. the number of days it took to increase was surprising, considering the prolonged bear market.

The recent pump on May 27 at 23:30 UTC [+5:30] pumped the price from $7.995 to $8,939 in 7 hours with each green candle forming one after another. However, the price reached a peak at 05:30 UTC [+5:30]. After which the price declined by 2.85%.

Source: TradingView

Moreover, at press time, the market cap of Bitcoin has reached a new high, i.e., $154 billion and the price reaching $8,900 is a new all-time high of Bitcoin in 2019. Bitcoin’s total rise YTD was 146% and in a 24-hour time frame, the price of Bitcoin was up by 8.71%.



Meanwhile, altcoins have also followed suit as Ethereum pumped by 7.21%, XRP by 7%, Bitcoin Cash by 9.53%, Litecoin pumped the most in top 10 as it was up by 11.23% in 24-hours. Tron, the eleventh largest cryptocurrency pumped by 13.84%, at press time.

Anthony Pompliano, a well-known Bitcoin enthusiast tweeted:

“Someone check on @nouriel. Bitcoin seems to be coming back with a vengeance ever since he blocked most of Bitcoin Twitter.”





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