Litecoin [LTC], the Vegeta to Bitcoin’s Goku, has been taking the lead in the market since the beginning of the day. The coin seems to have successfully emerged from the bear market and has even claimed the fourth position.
According to CoinMarketCap, at press time, Litecoin was trading at $42.66 with a market cap of $2.58 billion. The coin has recorded a trading volume of $1.43 billion and has surged by over 29% in the past 24 hours. The coin started its bull race when it was valued around $32.65 earlier today, showing a rise of over $10 in its price. In addition, this rally was much anticipated by several Litecoin traders in the market, with some claiming that the price would over $50 soon.
Market speculators have listed down several reasons for the coin’s rally in the market. Some speculate that Charlie Lee’s announcement pertaining to MimbleWimble implementation on Litecoin has dragged the coin out of the bear’s trap. Whereas, other speculate that the Having of the mining rewards that is expected to occur in the next six months has given the coin a push.
Monkeymakessense29, a Redditor said:
“The halving is starting to get priced in”
Mr_li_jr, another Redditor said:
“Any of the top 10 coins that gets a sudden 10% or more out of the blue will cause all the market to rise, albeit temporarily. If LTC can hold a decent percentage of the gains for several months after the excitement dies down, the same way as ETH, XRP (and a few of the other top 10) have, I’ll consider it an overall positive.”
More so, the hike in the cryptocurrency’s price has resulted in several other coins gaining momentum in the market. This includes all the coins in the top 10 list, with majority among them seeing a growth of over 9% within the past few hours. Ethereum and EOS are currently seen running alongside the silver coin, with gains of over 13% and 16% in the past 24 hours.
Bitcoin [BTC], the largest cryptocurrency by market cap, is also seen taking part in the rally. At press time, the coin was trading at $3661.70 with a market cap of $64.7 billon. The coin has a trading volume of $6.88 billion and has surged by over 7.42% in the past 24 hours.