Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Litecoin Forum => Other Popular Cryptos / Coins => Litecoin News & Updates => Topic started by: Rakin343 on April 05, 2021, 12:00:50 AM
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ALTCOINSTraders holding Litecoin in portfolios can look forward to thisEkta MouryaPublished 7 hours ago on April 4, 2021By Ekta Mourya
Here's why Litecoin is rallying towards a local top?Source: Unsplash
Marking the start of the alt season, altcoins in the top 25 on CoinMarketCap are rallying. At the time of writing, 23 out of 25 altcoins have positive weekly returns. Of these, Litecoin, ranking ninth in terms of market capitalization has posted a daily gain of over 4% and the price remains 42% away from its ATH.
On-chain analysis from IntoTheBlock is signaling strong bullish sentiment among traders for Litecoin, as the price rallies, it is anticipated that it may hit a local top. Currently, the concentration by large HODLers is around 50% and there is evidence that there is scope for further rallying and price discovery. Though moving closer to ATH will require higher liquidity and volatility, as of now the trading volume is high enough, on top markets to boost the price.
Based on the trade volume on spot exchanges, there is an increase in demand and this may push the price closer to $240. After Ethereum posted daily gains of 5.11%, the alt rally has continued and this has boosted the investment inflow to Litecoin. This increased inflow and the overall bullish sentiment are evident from the steady increase in price on top spot exchanges. Source (https://ambcrypto.com/traders-holding-litecoin-in-portfolios-can-look-forward-to-this/?utm_source=CryptoNews&utm_medium=app&utm_campaign=shared)