The cryptocurrency market has attained new normalcy after stepping in the new year. Likewise, the major coins seeing double-digit gains have been restricted by the new year. However, some coins like Litecoin [LTC] have still managed to grow by 6.76% over the past week.
As per the charts of Litecoin, the coin was valued at $35.57 with a market cap of $2 billion. The coin registered a 24-hour trade volume of $707 million with a growth of over 6% in the past week and reported an overall growth of 11.97%. However, the coin is seen slipping in the past hour by 0.68%, at the time of press.
As per the maximum trading volume, OKEx registered a trading volume of $67 million with LTC/BTC pair, followed by ZB.COM that traded at a volume of $65 million with LTC/USDT pair. The third position was taken by Bit-z, registering a volume of $63 million with LTC/BTC pair.
The coin has been in the news lately as it has seen massive adoption in the past year. Recently the coin became the first cryptocurrency to ever sponsor UFC 232. The logo of the coin was placed on the Octagon on the canvas, which is a big step for the coin’s adoption.
This news was very well celebrated by the Twitter community and also about the recent rally of Litecoin. One of the Twitter users, Litecoin Master tweeted:
1. It’s undervalued 37x less market cap than bitcoin
2. It’s on same path as bitcoin 7 yrs vs 10 yrs
3. #Litecoin halving is Aug 2019, inflation drops from 9 to 4%
4. Litecoin will add privacy
5. Litecoin on ⚡️network
6. UFC partnership
While another user Edin Jusupovic wrote:
“When Litecoin hits $1000, assuming a 70M LTC circulation, that’s only a small $70B market cap. Apple single-handedly wiped out $64 billion in just a matter of hours after revising revenue projections.
Litecoin is sound money for the world, and it’s worth 10x more than Apple.”
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Fall in Bitcoin’s market dominance may be correlated to the fortunes of the altcoin market
The trends set by virtual assets have always highlighted the cryptocurrency market’s inherent volatility and spontaneity. Prices lack symmetry and rarely exhibit consistent growth as different factors come into play to dictate an asset’s valuation.
At press time, the world’s largest crypto, Bitcoin, had stormed past the $11,000 mark and was consolidating to push for a surge over $12,000. The rest of the altcoin market however, apart from one or two minor hikes here and there, has been relatively quiet after collectively surging in the early part of the year.
At the beginning of 2019, a significant number of crypto-assets performed significantly well in a group, wherein most assets demonstrated a prominent hike in their values with little to minor price corrections.
A majority of tokens doubled their valuation until Bitcoin breached the $6,600 resistance. Subsequently, altcoins failed to keep pace as Bitcoin continued to test more resistance limits in the market.
At present time, Bitcoin enjoyed an unprecedented 62 percent dominance in the cryptocurrency market. As its dominance primes itself to climb over the 63 percent mark, many in the community speculate this could be red flags for the altcoin market.
Major cryptocurrency enthusiasts and analysts have stated that altcoins could significantly capitulate if it so happens. However, past events offer a sliver of hope for the altcoin market.
According to CoinMarketCap, the altcoin market has been significantly affected whenever BTC’s dominance has fallen. During the bull run of 2017, Bitcoin enjoyed a dominance of 65 percent and the global market cap hit a value of $402 billion. However, in January 2018, when BTC dominance plummeted, the global market cap peaked at around $710 billion. The dominance was down by half, whereas the global market cap had almost doubled.
A major reason for the same was money funneling into other altcoins after witnessing a shift in momentum from Bitcoin to the rest of the crypto-market. The present market situation may take a similar path once BTC’s dominance falls, opening the door for other virtual assets to take advantage of the scenario.
However, the present rise of BTC is backed by much more certainty than the bull run of 2017. Hence, a repeat of the January 2018 period may be unlikely, and will happen if and only the market sentiment shifts gears drastically towards altcoins.
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