Litecoin (LTC) surpassed Bitcoin Cash (BCH) in terms of market capitalization. The now 6th largest cryptocurrency in the world surged by over 19% in the last hours. This allowed Litecoin to perform the so-called “Flappening” with Bitcoin Cash. The next target would be to surpass Chainlink (LINK) as the 5th most valuable cryptocurrency in the world.
Litecoin Flappening: LTC Surpasses BCH
The Litecoin flappening has already happened. LTC was able to get the 6th position in the cryptocurrency market after outperforming Bitcoin Cash in the last few hours. In this way, LTC was able to reach a market cap of $4.85 billion and a price per coin of $73.60.
Although many consider the Flappening has already happened, the next target will be to get the fifth position. Now, Chainlink is waiting with a market valuation of around $5.05 billion.
The charts look very positive for Litecoin. Some analysts consider that it may be possible for LTC to reach a price of $4,000 or even higher. LTC is now breaking out from a 3-year bear trend. If history repeats itself it may be possible for LTC to reach new highs in 2021.
https://twitter.com/ElCryptoChief/status/1328116573756928001?s=20
In terms of BTC, Litecoin is now also recovering part of the losses experienced in recent years. However, it will be difficult for it to continue moving higher. Indeed, the LTC/BTC trading pair remains at 0.00445 BTC one of the lowest prices for LTC in years.
Litecoin is expected to continue growing if Bitcoin keeps in its bull trend. During a conversation with UseTheBitcoin, Konstantin Anissimov, Executive Director at CEX.IO, said that it seems that both Bitcoin and Ethereum (ETH), could continue moving higher from a technical perspective. As he mentioned, we may see these virtual currencies continue growing in the coming weeks.
On the matter, Mr. Anissimov stated:
“The Tom Demark (TD) Sequential indicator suggests that these cryptocurrencies may continue to rise for another two to three weeks before a sell signal emerges. If this is the case, Bitcoin could rise to $19,000, while Ethereum breaches the $500 mark.”
This could be bullish for Litecoin in the coming weeks as well. The main question would be to understand whether Litecoin will be able to leave the bear market against Bitcoin. If that happens, very positive things could come to Litecoin holders and long term investors.
