Connect with us
Active Currencies 14771
Market Cap $2,519,601,895,345.60
Bitcoin Share 51.49%
24h Market Cap Change $-1.42

Is Litecoin ready to reclaim its 2019 ATH?

2min Read

Share this article

Bitcoin’s price crossed the critical $18000 level recently and the weekly gain now stands at 11.44%. However, Bitcoin’s dominance is still at 66%. Since the price crossed $17000 without further resistance, the top 10 altcoins based on market capitalization have rallied. The weekly returns show gains in 9/10. 

Litecoin is leading the rally with 30% weekly gains. The market capitalization has hit a 3-month high of $4,484,773,919.08. The previous 3-month high of $4,484,739,490.84 was observed on August 20, 2020.

LTC market cap hits 3 month high, are alts rallying?

Litecoin Market Capitalization || Source: Glassnode

The correction in Bitcoin’s price to $17400 after hitting $18000 earlier on November 18, 2020, may have paved way for the altcoin rally. Number one altcoin based on market capitalization – Ethereum has had a bullish week so far and the weekly gain is 6.93%. 

Historically Ethereum’s correlation with Bitcoin increases during a bullish phase, and subsequently it has increased. As Bitcoin’s price is climbing, Ethereum is posting gains. The same is true for DeFi that has a high correlation with Ethereum. Despite its inverse correlation with Bitcoin, top DeFi projects have offered triple-digit gains. In the past week, AAVE has crossed 200% in gains, YFI has offered over 83% based on data from DeFiPusle. The entire TVL of DeFi is up 10.6% in the past 30 days.

LTC market cap hits 3 month high, are alts rallying?

TVL in DeFi || Source: DeFiPulse

Among top altcoins, Litecoin has been gathering momentum since the price hit $63. Though looked upon as the inferior alternative to Bitcoin, by many, Litecoin has enough liquidity and trade volume on spot exchanges to rally towards the Jan 2019 high of $138. These gains in altcoins are reflecting on Bitcoin’s market dominance. On-chain analysts have predicted a correction in Bitcoin’s price as it is currently trading $9600 above its fair price. Nearly 99% HODLers are IN profit and booking profits in tranches may assure profits, traders who have witnessed the 2017 rally wouldn’t agree more. A small correction in Bitcoin’s price at the current level may further pave way for Altcoins to climb higher, though the rally may be short-lived.


Ekta is a full-time journalist at AMBCrypto and her specialization lies in spot markets. Currently pursuing her MBA, she is passionate about trading, fintech, and everything decentralized
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.