At present, Litecoin (CRYPTO:LTC) is likely one of the massive movers making headlines. This cryptocurrency has surged greater than 20% at its peak at this time, over yesterday’s ranges. This worth motion has moved Litecoin into 14th spot within the cryptocurrency rankings by market capitalization. Accordingly, traders taking a look at larger-cap tokens at the moment are seeing LTC cross their screens.
It seems there are a variety of drivers for this transfer in LTC. Among the many key drivers is broadly bullish momentum choosing up throughout your entire crypto world. With mega-cap tokens Bitcoin and Ethereum every hitting new all-time highs of late, it is unsurprising to see tokens akin to LTC comply with go well with.
In fact, Litecoin’s rise at this time has outpaced most of its crypto friends, notably these with multi-billion-dollar market capitalizations. Accordingly, this can be a token that is producing important curiosity available in the market at this time.
This transfer comes as traders search for asset courses to battle inflation fears. With Federal Reserve tapering underway, the patron worth index rising to ranges not seen in a while, and the potential for rate of interest hikes on the horizon, traders wish to cryptocurrencies like Litecoin as locations to cover.
Whereas Litecoin stays extra speculative than Bitcoin or Ethereum, traders appear to love the adoption this cryptocurrency has seen amongst shoppers and retailers. Seen as a possible commerce-oriented token, Litecoin may rise in response to unfavorable views about fiat foreign money. Such views look like taking maintain at this time.
As talked about, Litecoin’s rise to 14th place within the cryptocurrency rankings shines extra mild on this lesser-known token. For these at present invested in Litecoin, this can be a great point.
Now, whether or not this momentum could be maintained is a complete different story. Nevertheless, at this time the technical setup and present momentum underpinning LTC look like robust. Accordingly, this can be a token that is reached my watch checklist at this time.
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