Litecoin ‘Well Ahead of the Altcoin Pack,’ Printing Identical Pattern: Why You Might Need to Sell Your Bitcoin for LTC
Litecoin (LTC) is turning heads in the cryptocurrency market, exhibiting patterns reminiscent of its previous bull cycles in 2016 and 2017, according to analysts. The altcoin has outpaced its peers with an 8.9% gain over the past 24 hours, driven by significantly higher transaction volume throughout the past month.
Marc 10X, a prominent crypto analyst, highlighted the uncanny similarity between Litecoin’s current chart patterns and those from 2016 and 2017, suggesting a potential resurgence that could propel it back into the top three cryptocurrencies by market capitalization.
The surge in Litecoin’s performance can be attributed, in part, to the recent classification of the cryptocurrency as a commodity by the U.S. Commodity Futures Trading Commission (CFTC). This move has led to a remarkable 75% of Litecoin holders now being in profit, according to data from IntoTheBlock.
However, IntoTheBlock also cautioned about a potential resistance level around $150, where a significant number of Litecoin holders (8.16 million LTC held by 590,000 addresses) historically acquired their holdings. This level could present a formidable obstacle for the altcoin’s ascent, as these holders have been in a loss position since December 2021.
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Show more +Santiment, a behavior analytics platform, added to the bullish sentiment by noting that the average age of Litecoin investments is decreasing, indicating that whales (large investors) are moving more coins back into circulation. This trend suggests increased liquidity and trading activity, which could further fuel Litecoin’s momentum. The analytics platform noted that Litecoin is “well ahead of the #altcoin pack in the past 24 hours.”
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Amidst these developments, some analysts are advocating for investors to consider selling their Bitcoin (BTC) holdings to acquire Litecoin. CaptainCrypto, a prominent crypto influencer, argued that while Bitcoin might see a 2-3x gain, its potential for further upside is limited compared to Litecoin, which they believe has a clear 10x or more potential, projecting a target price of $1,000 per coin.
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