Litecoin [LTC] Spikes Higher Becoming 4th Largest Crypto, $40 Within Striking Distance
Litecoin has jumped to being the 4th largest cryptocurrency by market cap as it outperforms all other major cryptocurrencies during price increases today.
Data from Messari shows price increasing 13.34% over the past 24 hours whereas market leader Bitcoin has only increased by 1.25%.
Litecoin has led other top cryptocurrencies in the past, and we are seeing other top cryptocurrencies record increases since Litecoin has surged.
Price had been meeting resistance at a Fibonacci retracement level between the December low and the January high.
Price had already tested resistance at the 0.382 retracement level a number of times this week.
Today’s surge has resulted in price quickly rising above.
The January high is around $41, and there is a strong possibility that price can continue to this point.
The recent increases have been taking place on amounts of volume orders of magnitude above the 20-period average volume.
The majority of altcoins are outperforming Bitcoin today.
However, the increase being seen in Litecoin may be followed by a significant increase in Bitcoin which has happened a number of times in the past.
- Litecoin jumps to being the fourth largest cryptocurrency by market cap after outperforming all other major cryptocurrencies over the past 24 hours.
- Price overcame resistance at the 0.382 Fibonacci retracement level which it tested a number of times this week.
- The outperformance in Litecoin may be followed by an increase in Bitcoin which is being outperformed by altcoins today.
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