Surging Litecoin Is Leading the Crypto Price Recovery
The sharp recovery may be connected with graph factors (oversold conditions) along with also the U.S. Senate’s cautiously optimistic response to calls for more rigorous regulations. The recovery also indicates the markets have digested the negative information flow out of China and South Korea, also, with bitcoin now eyeing a rest above $10,000, the broad-based recovery may just gain additional traction.
Meanwhile, Ripple’s XRP token has bolstered 90 percent from the Feb. 6 low of $0.58836 and currently ranks second on the list of greatest gainers among the best 10. XRP was seen trading at $1.12 — still down 51 percent from the Dec. 31 near $2.3.
Litecoin (LTC), particularly, has experienced a stellar run in the past couple of days and is now up 54 per cent week-on-week. The cryptocurrency has valued by 112.27 percent from the Feb. 6 low of $106.94 and will be leading the recovery in high 10 cryptocurrencies by market capitalization.
Meanwhile, “China’s ethereum,” NEO, has valued by 86.50 percentage from Feb. 6 low of $64.88 and is the coverage 59 percent year-to-date gains — the highest in the upper 10. That said, NEO will probably learn more about the drawback against bitcoin as indicated by the current head-and-shoulders pattern. At press time, its price was $121.
The lure of creating quick money on an upcoming hard fork appears to have fostered demand for LTC, even though the legitimacy of this job is under consideration. As of writing, LTC is seen changing hands 227, based on CoinMarketCap. Despite the remarkable performance of late, LTC is currently reporting a 2 percent fall on a year-to-date basis.
As of writing, the overall market capitalization of all cryptocurrencies stands at $466 billion — the maximum level since Feb. 2, along with a 68 percent increase from the reduced $276 billion seen on Feb. 6.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, that includes an ownership stake at Ripple.
The recovery of this crypto marketplace is looking stronger by the afternoon, also litecoin is leading the way.
Old coins picture via Shutterstock
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Disclaimer: This report shouldn’t be taken as, and isn’t intended to supply, investment advice. Before investing in any cryptocurrency, please conduct your own thorough research.