Litecoin Surges 52% Over The Week Thanks To Bitcoin’s Boom

Litecoin surges 52% over the week riding the BTC success that we have seen in these past few days and in our recent Litecoin news.

Litecoin is the BTC alternative that is developed by Charlie Lee. Now, Litecoin surges 52% over the week, hovering around the $75 mark a week ago with the coin’s price increasing to $114 today. The biggest gains for LTC came on Thursday when the price jumped by more than 20%. Today, Litecoin increased an additional 6.99% with the market cap hitting $7.5 billion. Litecoin observed the surge of renewed interest back in September thanks to Litebringer which is a blockchain-based fantasy RPG game that allows players to trade in-game loot for Litecoin. All daily transactions on the LTC blockchains increased to about 165,000 but they are declining ever since.

Also, daily transactions increased as well but from 58,000 to 71,000. The wider crypto market performers well lately as BTC increased by 26% this week, ETH increased by 17%, xRP by 14%, and BCH by 20%. The entire market cap for all crypto assets increased by 3.38% in the past 24hours. Litecoin is also far away from its all-time high of $375.29 but this green sentiment doesn’t hurt the prospects.

As recently reported, Litecoin started a strong surge above the resistance levels and the price even tested the 0 resistance zone while settling above the 100 simple moving average.
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There was a break above the crucial declining channel with the resistance at $80 on the 4-hour charts of the pair with the price hitting as high as $112 before consolidating. In the past 2-3 days, there was a strong increase in Ethereum, Ripple, and Bitcoin as well as Litecoin against the US dollar. LTC’s price formed a new major support base near the $72 level before starting a new increase. To start the recent rally, there was a break above the crucial declining channel with the resistance at the $80 on the 4-hour charts of the pair. The pair broke the $90 resistance level and now Litecoin settled above $100 and the 100 simple moving average.

LTC spiked above $110 and a new monthly high was formed near $112 with the price consolidating the gains above the $100 level. There was a slight drop below the $105 level as the price traded below the 23.6% fib retracement level from the upward move at the $78 swing low to the $112 high.