Crypto Market Analysis Crypto Price Analysis

Litecoin (LTC) Climbs a Higher Rank as One of the Top Gaining Cryptos of the Week

If it is to judge by the beginning days of 2019, Litecoin (LTC) might be in for at least some level of redemption when compared to the way once top-fifth cryptocurrency started to lose its ground back at the end of Q1 of 2018.

After reaching an all-time high of around 360$ back in December 2017, Litecoin lost almost -90% of its value, also allowing EOS (EOS) to get past it at the end of the first quarter of 2018 as Litecoin went down to take the 6th rank on the list of trading crypto assets.

Furthermore, Litecoin dropped even lower on the market capitalization margin of over 2,000 different cryptocurrencies by taking the spot of the 7th-largest cryptocurrency when Stellar got past it by market cap.

A bit less than a year later, it appears that tables are turning, at least in the situation between Stellar and Litecoin, as Stellar is back at spot number 7 once again as LTC went one rank up.

Litecoin One of the Top Gaining Coins in the Last Seven Days

Litecoin managed to get past the market cap of Stellar Lumens (XLM) during one of the latest positive changes in the market.

Although the cryptocurrency market is showing an evident progress in the terms of having the majority of cryptos collecting gains, Litecoin is representing the top trading crypto on the list of the first 20n cryptocurrencies in the list.

By going up by 24% in the course of the last seven days in oppose to the movement of 3% of gains in the same timeframe for Stellar Lumens (XLM), LTC was able to get past Stellar’s market cap by around 50 million dollars.

Additionally, Litecoin scored more than 10% of gains in the course of the last 24 hours, also making it into one of the top gaining currencies on the top 20 list for the day.

L:itecoin (LTC) Weekly chart – Coinlib

Despite the most recent progress in the market, LTC is still traded under 40$, currently set at 39$ with a great possibility of breaking the resistance of 40$ and up with the latest momentum.

Litecoin Lightning Network Got Past 100 Nodes

In one of the most recent announcements from the foundation, it was stated that the Lightning Network is growing with Litecoin network, now recording 100 nodes for the first time ever.

While some holders and analysts believe that this is one of the reasons why Litecoin showed a surprisingly bullish upward turn, indicating that the network is progressing despite the lack of urgency in adopting this technology.

Thanks to the Lightning Network, Litecoin is able to process 4 times more transactions than its original parent chain, Bitcoin (BTC), taking 2.5 minutes for verifying transactions and creating new blocks in oppose to Bitcoin’s 10 minutes.

Much like Ethereum that managed to score over 50% of gains since the beginning of December, Litecoin gained 51% of rises in the period of the last 30 days, altogether indicating that the market might be slowly recovering from the cryptocurrency winter.

 

Image credit: Tryswing

Author: Maja

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