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Litecoin [LTC] rises by 10% over 24 hours as crypto-market recovers from June’s bearishness

Arijit Sarkar

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Credit: flickr

Breaking the week’s bearish start, most of the crypto-kingdom recovered well on the back of Litecoin’s [LTC] surge. The coin recorded a positive change of 10.53% over 24 hours, followed by Ethereum [ETH] and Cardano [ADA] with hikes of 4.55% and 3.96%, respectively.

Today’s bull performance marks the third instance of Litecoin’s [LTC] increasing relevance in the crypto-market. Previously, LTC had witnessed a massive 40% spike in April, which was followed by 31.64% spike in May. As a result of the impressive performance, LTC has stolen Bitcoin Cash’s [BCH] 4th position on CoinMarketCap with a market cap of $7.9 billion.

Source: TradingView

While no definite reason can be attributed to Litecoin’s consistent success, one of the major reason behind the growth is BTC’s steady market. Additionally, several industry speculators are considering the crypto’s past performance to believe that LTC is poised to breach the $150 mark soon.

The cryptocurrency was being traded highest on Coinbase. While Litecoin creator, Charlie Lee, has not shared any business expansion plans like other competing coin leaders, LTC seems to be taking a short-term approach towards slower adoption and faster value creation.

Further, LTC’s growth in terms of trading value can also be linked to the decrease in the number of whale trades over the past three months. Further, it is important to note that LTC witnessed a tremendous price hike after the 2015 halving, which led speculators to expect a similar price action in 2019-2020.

As we continue to draw closer to the highly anticipated BTC halving, LTC’s expected volatility may result in one of its strongest value recoveries.





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Jibin M George

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Crypto News – 26 June

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BitGo’s latest collaboration: Bitcoin IRA has announced that it will be teaming up with BitGo to launch crypto-retirement accounts insured for $100 million

Read more at https://bit.ly/31UvjBz

 





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