Litecoin (LTC) hit $70 for the primary time since September 2019 this weekend, fuelling hypothesis it is going to induce a Bitcoin (BTC) bull run.
Litecoin (LTC) hit $70 for the primary time since September 2019 this weekend, fuelling hypothesis it is going to induce a Bitcoin (BTC) bull run.
Knowledge from Cointelegraph Markets and Coin360 confirmed LTC/USD passing the notable $70 barrier on Feb. 1, occurring to assert native highs of $71.50.
LTC seals 65% month-to-month returns
As with many main altcoins, the achievement caps a highly successful month for Litecoin, which on Jan. 1 traded at simply $43.
Litecoin value 1-month chart. Supply: Coin360
Nevertheless, the 65% leap caught merchants’ consideration for one purpose specifically. As widespread Twitter character Loma famous on Saturday, Litecoin put in the same efficiency in March final yr.
After doubling its value over 4 weeks, Litecoin gave solution to Bitcoin, which started a three-month bull-run culminating in a 19-month report of $13,800.
Analyzing present sentiment, Loma and others now see the potential for the sample to repeat itself.
“Litecoin leads bitcoin,” investor Michael Flaum summarized on Twitter on Friday.
“Litecoin up 5.8% Don’t know why, nevertheless it’s a standard pattern. $10okay bitcoin very attainable.”
The highway to $100Ok begins
As Cointelegraph reported, a number of buying and selling sources have lately flipped more and more bullish on Bitcoin’s prospects for this yr.
Having damaged out of the $6,000 vary, commentators are actually broadly satisfied {that a} return to these ranges is extremely unlikely.
In a Market Discussion on Friday, two well-known crypto YouTubers added to the sense of anticipation, arguing that at present ranges of $9,400, BTC/USD is already within the bull cycle, which might attain at the least $80,000.