Litecoin (LTC) Leads Crypto Market Recovery; Surges 20 Percent in 24 Hours

Cornelia Mascio
Febbraio 11, 2019

The market is looking green and there are a lot of potentials out there. Bitcoin (BTC) has been trading below the $3,500 mark over the past couple of weeks. Bitcoin was able to break through the major resistance level of $3600 and is trading at $3667 at the time of writing. However, the same can not be said about the past 24 hours given that it has spiked from $3,450 and high enough to test the $3,700 price point before retracting.

It may also be worthy to note that the top 20 cryptocurrencies by market capitalization have also picked up in price.

Cryptocurrencies are on fire for the first time in 2019 adding $10 Billion in market cap.

Speaking to The Independent before the latest price surge, David Thomas, director of the UK-based cryptocurrency broker GlobalBlock, lamented the negativity in the market but hinted a spark could set it off in a positive direction once again. LTC worth, on the other hand, has skyrocketed by a stunning 2400%. Having declined to $104 on Thursday and looking like it might just hit under $100, is now showing an upward price trend. Ethereum [ETH], the second largest altcoin also saw a double-digit rise of over 13 percent against the USA dollar as the price rose to $118.6, a price point which the coin fell below only recently in late-January.

The cryptocurrency market surged with $10 Billion in less than 24 hours.

LTC is now trading in the green, and the coin is priced at on $44.61 on CoinMarketCap.

Litecoin's performance can be said to be the most impressive because this is its all-time high within the past 3 months (November 20).

Is LTC Appreciating more in Value than Bitcoin?

Litecoin 's ascend comes after yesterday's news that the Litecoin Foundation and Beam, a software development facility with its own cryptocurrency, formally agreed to work together to investigate whether Litecoin should enforce the MimbleWimble protocol, named after a spell from Harry Potter that prevents people from leaking secrets and aimed at improving privacy and scalability.

Cryptocurrency market has started moving during early European hours. While the market cap was around $111.6 billion on February 8, it is now around $121 billion based on Coinmarketcap's platform.

The move was backed by $1.4 billion in trading volume, which is its most since February 20, 2018, according to Coinmarketcap.

While this increment in price might not look substantial, it holds several promises. Now that volatility has settled to reasonable levels, investors are keen on investing in Bitcoin.

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