Litecoin surge continues

Altcoin gains almost 10 per cent in 24 hours

Litecoin (LTC) has skyrocketed in the past 24 hours, having enjoyed a week of healthy stable growth.

At 07:00 on Thursday morning the crypto stood at $59.46 and surged to stand at $67.26 a day later. These gains look set to continue with Litecoin standing further up at $67.72, a 9.57 per cent change.

Litecoin now ranks among a number of other altcoins all breaking above their 200-day moving average resistance zones and multi-year descending trendlines.

Litecoin has often been referred to as the silver to Bitcoin’s (BTC) gold with prices often moving in correlation with one another. The two currencies use the same blockchain technology, while Litecoin’s Scrypt algorithm splits each transaction into two segments, removing the signature from the original data and speeding up transaction processing time.

Litecoin now has a market cap of around $4.31bn (£3.3bn, €3.9bn) and a dominance rate compared to all other cryptocurrencies of 1.5 per cent.

While this may be impressive for an altcoin, Bitcoin is still the dominant cryptocurrency with a dominance rate of around 65.9 per cent and a market cap of $168.87bn.

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Nonetheless the silver-gold comparison is not absolutely consistent. Indeed, although Bitcoin did initially rise with Litecoin’s surge on Thursday, all such gains have been lost with the crypto 0.68 per cent down in the past 24 hours, standing at $9,282.69.

As well as Litecoin a number of other alternative coins saw healthy gains, with Ethereum (ETH) up 2.72 per cent in the past 24 hours, although some such as Tron followed Bitcoin’s lead by losing any momentum.

FURTHER READING: Litecoin vs Bitcoin

FURTHER READING: A simple guide to mining or buying Litecoin

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