Litecoin (LTC) has recovered the 7th position in the market after several months below these levels. The digital currency moved to $64 per coin, allowing it to surpass Binance Coin (BNB). Despite that, Litecoin remains at the lowest point in BTC terms.
Litecoin (LTC) Takes the Lead
In the last 24 hours, Litecoin was able to surge by over 3.84% and surpass $64 per coin. This allowed LTC to recover the 7th position in the market that was previously held by Binance Coin (BNB).
Furthermore, with this price increase, Litecoin is also getting closer to Bitcoin Cash (BCH). It is worth remembering that the Litecoin community has always been excited about surpassing Bitcoin Cash. There is even a website that is registering the so-called Flappening.
Litecoin remains far from the highest point registered this year. Indeed, back in March, Litecoin was traded around $81 per coin. However, the COVID-19 crisis hit the markets and it affected LTC and the entire crypto market.
LTC/BTC and ETH/BTC
Despite this price increase, when compared to BTC, things look bearish. According to the cryptocurrency analyst Polar Hunt, both Litecoin and Ethereum (ETH) could continue falling against BTC.
On Twitter, he wrote that looking at these two trading pairs (ETH/BTC and LTC/BTC), he considers that there is a possibility of having one more drop before a recovery. Bitcoin dominance has also recovered in recent weeks. Bitcoin dominance is now at its highest point in several weeks. This comes after Bitcoin surpassed $16,200 for the first time since early 2018.
ltc/btc bottomed after eth as it kept dropping until the second ath touch for btc. Indicating more probable alt downside. pic.twitter.com/pUO9GP0aay
— Polar Hunt (@polar_hunt) November 12, 2020
Altcoins remain far from their all-time highs. Bitcoin, instead, is a mere 23% away from its all-time high registered in December 2017. This shows there are different speeds in the market for altcoins and Bitcoin.
It may be interesting to see how altcoins will behave in the coming weeks and months. If Bitcoin continues growing, it may be possible for both LTC and ETH to start catching up. Nevertheless, as it happened in the past, both ETH and LTC could skyrocket in just a few days and recover from years of a bear trend.
At the time of writing this article, Ethereum has a price of $464 and a market valuation of over $53 billion. Bitcoin is now traded above $16,000 and it has a market cap of $300 billion.