What occurred
Right this moment, Litecoin (CRYPTO:LTC) is without doubt one of the massive movers making headlines. This cryptocurrency has surged greater than 20% at its peak in the present day, over yesterday’s ranges. This worth motion has moved Litecoin into 14th spot within the cryptocurrency rankings by market capitalization. Accordingly, buyers larger-cap tokens are actually seeing LTC cross their screens.
It seems there are a selection 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 comparable to LTC observe swimsuit.
After all, Litecoin’s rise in the present day has outpaced most of its crypto friends, notably these with multi-billion-dollar market capitalizations. Accordingly, it is a token that is producing important curiosity available in the market in the present day.
Picture supply: Getty Photos.
So what
This transfer comes as buyers search for asset lessons to battle inflation fears. With Federal Reserve tapering underway, the buyer worth index rising to ranges not seen in a while, and the potential for rate of interest hikes on the horizon, buyers want to cryptocurrencies like Litecoin as locations to cover.
Whereas Litecoin stays extra speculative than Bitcoin or Ethereum, buyers appear to love the adoption this cryptocurrency has seen amongst shoppers and retailers. Considered as a possible commerce-oriented token, Litecoin might rise in response to damaging views about fiat foreign money. Such views seem like taking maintain in the present day.
Now what
As talked about, Litecoin’s rise to 14th place within the cryptocurrency rankings shines extra mild on this lesser-known token. For these at the moment invested in Litecoin, it is a good thing.
Now, whether or not this momentum could be maintained is a complete different story. Nonetheless, in the present day the technical setup and present momentum underpinning LTC seem like robust. Accordingly, it is a token that is reached my watch record in the present day.
This text represents the opinion of the author, who could disagree with the “official” advice place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even one in every of our personal — helps us all suppose critically about investing and make selections that assist us turn into smarter, happier, and richer.
