Litecoin (LTC) has recently witnessed an impressive three-day bull run, sparking excitement among investors when its price broke above the $91 level. The cryptocurrency's remarkable performance during this period has been celebrated by bullish traders. who see it as a significant victory.
With this surge, Litecoin has caught the attention of market participants, sparking renewed interest in its potential and signaling a potential shift in the broader cryptocurrency landscape.
Litecoin's remarkable growth in such a short time has reignited optimism among cryptocurrency enthusiasts, who are closely following its progress.
Litcoin (LTC) breaks past recent lows
LTC has defied expectations with a notable 6.1% rally in the last 24 hours and shooting up to the $91.35 level, as reported by CoinGecko. This bullish move comes as a pleasant surprise to investors and traders who were concerned about LTC's decline to the March low of $72 on June 14.
Source: Coingecko
The drop to this critical level sparked fears of a potential downward spiral for Litecoin. However, to the relief of bullish market participants, strong buying pressure at the $72 support level proved resilient and initiated a slight price rally.
LTC price movement in the last seven days. Source: Coingecko
the recent increase in the price of LTC it not only demonstrates the ability of the cryptocurrency to recover from critical levels, but also solidifies the positive momentum it has gained over the past seven days. During this period, Litecoin saw an increase of almost 20%.
Meanwhile, a important milestone in accepting payments was recently pointed out in a post on the official Litecoin Twitter account. The cryptocurrency specifically reached an all-time high of 167 million transactions.
LITECOIN
๐ The use for payments is in an ATH
๐167 million transactions
๐ Liquidity 4th in all crypto
๐๏ธ More people building on $LTC than never before = priceless โก pic.twitter.com/kwr50SDbMRโLitecoin (@litecoin) June 22, 2023
LTC rides the wave of Bitcoin momentum
The recent rise of Bitcoin towards the $30,000 mark has had a significant impact on the broader cryptocurrency market, driving up the prices of several altcoins, including Litecoin. As the leading cryptocurrency underwent a renewed bull run, investors and traders enthusiastically embraced the positive market sentiment, causing altcoin prices to surge.
The correlation between Bitcoin and altcoins has long been recognized in the cryptocurrency market. When Bitcoin exhibits strong bullish momentum, it often paves the way for other cryptocurrencies to follow suit, benefiting from general market optimism. Litecoin, being one of the prominent altcoins, has also reaped the rewards of Bitcoin's recent rise, adding to its own positive momentum.
Bitcoin halfway into reaching the $31K level on the weekend chart: TradingView.com
Historically, Bitcoin's price movements have set the tone for the broader cryptocurrency market, and Litecoin's recent rally is a testament to this relationship. As Bitcoin continues to rally and grab attention with its upward move, altcoins like Litecoin will benefit from increased market interest and positive sentiment.
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