Litecoin (LTC) Outperforms Bitcoin (BTC) Since November Sell-Off, When #ToTheMoon
The 5th largest cryptocurrency Litecoin with a market cap of $2.8 billion is having a good month as it first went up when Litecoin creator Charlie Lee announced the plans of fungibility and confidential transactions for Litecoin while Mimblewimble implementation is also being explored.
Recently, Franklyn Richards, the director at Litecoin Foundation released a video where he explained how Confidential Transitions work. You can watch the entire view here:
At the beginning of February, Litecoin led the market greens and now, in tandem with the crypto market, it is registering the gains of more than 7 percent in the past 24-hours at $47.78. LTC price is also up in the BTC market by about 3 percent.
Litecoin price 1-month chart, Source: TradingView
Market analyst, Joe McCann shared how Litecoin has been outperforming Bitcoin since November and given the fact that LTC has led the bitcoin rallies historically, it could mean big moves for the silver to Bitcoin’s digital gold and the leading cryptocurrency itself.
“Looking at how LTC has outperformed BTC since the epic selloff on November 14th 2018, we can see that LTC has outperformed BTC by better than 4:1 from the current cycle low to a current session high. As mentioned before, LTC has historically led BTC rallies…”
After $50 Comes A Smooth Sailing #ToTheMoon
Mati Greenspan, a senior analyst at eToro took to Twitter to hold a poll in order to draw how much of the trade is actually done as a means of payment out of the 20k the network is currently registering on a daily basis.
“Attention LitecoinFam!! On-chain LTC transactions are holding at 20k per day. We'd like to get a sense of how much is speculation & how much is commerce. Of those of you trading, how many of your trades are for ‘means of payment?’”
Just yesterday, Greenspan had shared that the on-chain transactions on Litecoin network are “extremely stable,” and “Even throughout the bear market, they've held ground at 20k transactions per day. This stat serves to demonstrate the level of real-world usage as speculators fled.”
He further pointed out that Litecoin which is up more than 110 percent from its December lows has snapped its long term bearish trend line which means a pull-back could be in order.
“Unlike Bitcoin, $LTC has already snapped its long term bearish trend line (yellow) at the beginning of the year. At the moment, there's a strong psychological resistance at $50, but after that it's smooth sailing #ToTheMoon.”
Litecoin has been bullish in the much part of February and now experts are even feeling more bullish. Given the fact that LTC is already nearing $50, it is possible that as Greenspan projected, Litecoin just might take Bitcoin to a short term rally.