The price of LTC surged by around 35% to render a one-year, or thirteen-month high against the largest cryptocurrency Bitcoin. The surge took place this week, which has led to several analysts forecasting that the cryptocurrency would be seeing an extended upside momentum for quite some time in this monthly session.
The exchange rate for Litecoin/Bitcoin reached around 6,538 sats in the trading hours for the Asia-Pacific region. Then the pair corrected the number to reach a lot of around 5,776 sats before the London bell opening. This implies that the sentiment of profit-taking did grow quite exponentially near the sessional peaks.
The LTC Season
Yet, data that has been collected from Glassnode states that the correction didn’t do much to offset the bullish strength of LTC. The firm dealing in blockchain analysts noted quite an increase in active addresses of Litecoin which began in 2021. This indicates there is quite a demand for this cryptocurrency- at the same time, Bitcoin has started signs of cooling down.
The season of LTC led to the price increase of this cryptocurrency out of the womb in an altcoin market boom. Most of the sessions taking place recently saw Bitcoin losing its share market to an army of cryptocurrency rivals- with Ethereum coming up second at a record high of $3,500. Compared to Bitcoin, the price of Ether reached a sats of 6,350- for literally the first time since the July of 2018.
LTC did well in both the USD and the BTC markets. On the 6th of May, the exchange rate of LTC/USD reached a point of $420, where it hit a point of $365.20 before it got transformed into the London session. Most of the analysts that have had a lot of followers on social media have already looked at Litecoin as a cryptocurrency that would be queuing for a more solid, and bigger rally in the near future.
