06.12.2021

Litecoin Gains Momentum After Positive Backdrop Paved the Way For a Reversal

Litecoin LTC took a heavy blow during this period and has fallen significantly since then. The good news is that there is currently a boom in retail trading of cryptocurrency assets.

Traders are beginning to see cryptocurrencies as viable alternatives to fiat money since massive liquidity injections are hurting the long-term value of fiat currencies like the Swiss Franc and the USD. Even safe havens like gold and silver dropped in value in September.

Major analysts believe that the XRP token is primed for even higher highs that will be a direct result of inflation in fiat currencies. Some investors believe that digital assets will give their money a fighting chance. The highest price of the Litecoin LTC token this year was $84 and that was before the pandemic started. This might not be as good as its all-time high of $371 but it is much better than its current price. It is currently 87% below its all-time high.

The price action of Bitcoin BTC will most likely influence the price of Litecoin LTC. The price of Bitcoin BTC is currently at $11,348.60. It is up by 2.49% against the USD. Bitcoin has been unable to build and hold momentum above the $12k level over the last few months. It still has an impressive trading volume of $25,616,938,457 and a market capitalization of $210,097,374,953.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

  • Litecoin LTC Moves Higher Targeting the $50 Level Shortly After Positive Backdrop
  • A Rise Above the $50 Will Confirm That the Bulls Have Taken Full Control of the Market 

Litecoin LTC Price Prediction – Litecoin LTC has been struggling against the USD since February after a major sell-off took the price lower after it attempted to move above the $60 level. Since then, Litecoin LTC has been stuck in the $40 to $45 range but was only able to move above this level yesterday and has been trading bullish since then with possible higher highs on the way. Analysts predict that the current bullish momentum against the USD was ignited right after the token moved into a positive backdrop level.

Litecoin LTC Price Prediction – Litecoin LTC Aims for $60

At the time of writing, the price of the Litecoin LTC token was $49.22. This means that it is up by 3.27% against the USD and up by 0.75% against Bitcoin BTC. The trading volume over a 24 hour period was $2,953,876,694 and the market capitalization was $3,230,957,956.

Keep in mind that the bearish price action for Litecoin LTC over the last few months hasn’t been a problem for just LTC. All cryptocurrencies were bearish along with traditional assets. This has been primarily due to the Coronavirus pandemic that has taken the world by storm and affected even the most promising economies across the globe.

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