Bitcoin is flatlining. Ever since Litecoin (LTC) surged by 30% on Friday, sparking a widespread, yet extremely brief digital asset rally, the seas have calmed.
Since the flagship cryptocurrency found itself above $3,700, it has traded within the 3600s without any sign of a bonafide breakout. In fact, as of the time of writing, BTC posted a rare 0.00% daily performance. And as Bitcoin and most of its altcoin brethren trade flat, LTC continues to run, building off its already jaw-dropping performance seen not 72 hours ago.
According to Coin Price Watch, Litecoin is currently valued at $47.3 apiece and is up 8.75% in the past day. Save for Binance Coin (BNB) and Cardano (ADA), LTC is the only notable mover in the top cryptocurrency standings.
Many traders believe that this move is in anticipation of the impending LTC block reward reduction, which is slated to activate on the Litecoin blockchain in approximately 200 days. As explained by Moon Overlord, LTC historically bottomed and started to recovery 200 days before its so-called “halvening.”
So how are crypto traders/analysts taking this continued rally? Crypto Capital Venture, a Bitcoin-centric content creator, remarked that from a technical standpoint, Litecoin’s weekly chart has some momentum going for. To back his point, the industry influencer drew parallels between when LTC began to rally in late-2017, and how the asset is acting now.
Not trying to come off too bullish but look at weekly chart from last fall before bull run compared to current momentum of #Litecoin now
— Crypto Capital Venture (@cryptorecruitr) February 9, 2019
While he didn’t explicitly state it, Crypto Capital was charting his expectation that the cryptocurrency could run further in the near future. The Crypto Lark, a leading sector Youtuber, was more open-ended with his comment, asking his thousands of followers if they think that Litecoin “could be one of the 2019’s best plays.”
— The Crypto Lark (@TheCryptoLark) February 10, 2019
The responses to Lark’s inquiry were mixed, as fans of other cryptocurrencies quickly took to the comment section to reply with their flavor of the month, so to speak. Xinxi Wang of the Litecoin Foundation, who is also the founder & CEO of CoinUT, was more explicitly optimistic. Wang remarked that LTC is far from dead, accentuating how the project now holds the fourth seat in crypto’s standings.
How many times did people say Litecoin was dead. Now you see. We are the 4th again. https://t.co/qh2yOqN89Z
— Xinxi Wang (@TheRealXinxi) February 8, 2019
Well that’s all well and good, but what has been up with the project as of late?
Title Image Courtesy of Descryptive.com via Unsplash
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