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Led By Litecoin, Mid-Cap Altcoins Bleed With Bitcoin

Litecoin awoke from a month-long slumber to follow the general sentiment in the market. The price of LTC broke above the $200 resistance, only to drop with the crypto market flash crash.

At the time of writing, Litecoin trades at $181 with a 17.31% loss in the daily chart.

LTC is on a downtrend in the daily chart. Source: LTCUSDT Tradingview

The market seems to be reacting to the events triggered by El Salvador making Bitcoin legal tender. Whales could have used the bullish sentiment to push down the prices, triggered liquidations, and entered new positions.

Despite the crash, Analyst Ali Martinez believes Litecoin could reclaim its bullish momentum. Since the beginning of August, the number of unique addresses that joined the network reached a higher high, the analyst said.

As seen below, this metric stood at 220,000 new addresses created on September 6th alone. The Number of New Addresses from Glassnode is useful to measure the number of users with fresh capital coming into LTC and “could be interpreted as a sign of optimism”, Martinez said.

Source: Glassnode via Ali Martinez

In addition, large investors went on a “buying spree” with the number of addresses holding 10,000 to 100,000 adding over 720,000 LTC in the past 30-months. This coincides with the increase in the price of Litecoin, as seen below.

Source: Santiment via Ali Martinez

Further data provided by IntoTheBlock records around 170,000 addresses that bought 3 million Litecoin when the price was at $222. Martinez believes this is the next major resistance, LTC’s price must recover and rise above it to push into previous highs.

Support is bigger than resistance in terms of volume. Still, prices must slice through $222 to advance further.

Litecoin, Solana, Polkadot, Follow The Bearish Trend

Almost no altcoin in the top 20 by market cap has been able to hold its gains. Litecoin is one of the worst-performing in the past day, followed by Internet Computer (ICP) with a 23% loss, Polkadot (DOT) with a 17.3% loss, Cardano (ADA) with a 16.6% loss.

Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course

These altcoins have shown resilience to previous downside trends. Only Solana (SOL) records a 10.7% profit in the daily chart on the back of the growth of its ecosystem.

In the short term, Bitcoin could determine the fate of the entire market. Litecoin displays solid fundamentals for a recovery, but BTC losing key support at $43,000, could potentially trigger another leg down to its previous range around the high levels of $30,000.

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Litecoin Foundation’s Project Director Makes The Case For LTC’s Network Effect

Old faithful Litecoin turns 10 years old on October 7th. After a decade of activity, it’s still going strong. A faster and lighter Bitcoin fork, LTC’s objective has always been to be the silver to BTC’s gold. And this crazy year of high fees, Litecoin might’ve proved its worth. For many, it became the instrument of choice for sending money around without paying an exorbitant fee.

Our sister site, Bitcoinist caught wind of this development and reported:

Data compiled by @MASTERBTCLTC shows the number of Litecoin transactions is just under 75% of that of the number of Bitcoin transactions.

“Litecoin transactions are 75% of the total bitcoin transactions.
When will litecoin transactions flip bitcoin transactions?
Sometime in 2021 I predict.
227k BTC vs 168k LTC transactions.”

More significantly, @MASTERBTCLTC suggests this could be the start of an uptrend leading to a flippening in transaction count sometime this year.

We wouldn’t go that far, but it definitely is an interesting development that deserves further study. Luckily for us, Litecoin Foundation’s David Schwartz broke the case for its “network effect + ever growing status over the near past 10 years.”

Related Reading | Grayscale Loads Up On Litecoin, Dumps BTC & Other Coins, But Why?

Litecoin’s Transactions Are Cheaper And Faster 

This is by design. The cheaper and faster transactions are the reason for Litecoin’s creation. However, the case hereby presented is that LTC “has changed from mostly a method to transfer BTC during peak cycle to one of more ‘regular’/payment” and transaction usage. The asset seems to be changing.

The Litecoin project boasts a decade of name recognition, it shows resilience and adaptability. While no blockchain is as busy as BTC’s, the LTC blockchain is far from a ghost town. It’s bursting with activity and ready for your transactions. There’s also proven liquidity in the market. Litecoin is basically a pristine asset.  

Back to the metamorphosis, here we can see that “Transactions are well above average & growing exponentially each cycle.” Does that mean that Litecoin is becoming a payment instrument?

The “comparable growth rate in overall, new & non-zero addresses with both” ETH and BTC is an interesting statistic. And the point about the lack of headlines LTC receives is well taken.

LTCUSD price chart for 06/07/2021 - TradingView

LTC price chart on Kraken | Source: LTC/USD on TradingView.com

Is LTC Undervalued? Is This a Buying Opportunity?

Obviously, David Schwartz has a vested interest in Litecoin. However, the case he presents has merits. A ten-year-old coin with new use cases is not something we face every day. In any case, as long as you know that this isn’t financial advice of any kind, we can keep exploring the case and doing our own research.

So, Litecoin is part of many financial instruments including a Grayscale Trust. Is the price reaction to that fact lagging or non-existent? Also, there’s a halving on the horizon and the always faithful hard cap or fixed supply. Plus, as we said in the intro, the number of transactions keeps growing. 

The picture Schwartz paints sure it’s interesting. The tide may be turning for Litecoin.

The last point is pretty compelling

LTC also benefits from developments done by Bitcoin devs, requiring less full time direct devs unless necessary and less github activity.

By not trying to stand in Bitcoin’s spot and always knowing its place, Litecoin gets to benefit from all the incredible developments the Bitcoin community offers to the world. The activity around Bitcoin’s chain is second to none. Litecoin is a direct beneficiary of that. 

Related Reading | New Litecoin All Time Highs Are Still In The Cards

People used to say Litecoin was redundant but, if Schwartz is right, this classic coin might’ve found its lane. A decade later. What an inspiration. Now the question is, will the new status as a transaction asset reflect on LTC’s price? 

Featured Image by Alina Grubnyak on Unsplash - Charts by TradingView
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This Analyst Predicts Massive Litecoin Rally And “Mental” Impact On Non Holders

Litecoin goes against the general market sentiment with a 24.5% and 57% rally in the higher timeframes. At the time of writing, LTC trades at $316 with 4.8% profits in the daily chart.

Litecoin LTC LTCUSDT
LTC on the offensive towards new highs in the daily chart. Source: LTCUSDT Tradingview

Anonymous trader Julio_LTC has set support for LTC at $280 with a price target set at $330. The operator is bullish as LTC climbed in the Relative Strength Index (RSI), a measure used to assess price momentum, in the lower timeframes. If the price action gets invalidated $218 could operate as critical support, as shown below.

Litecoin LTC LTCUSDT
LTC with support at $280 and a $330 price target. Source: Julio_LTC

LTC seems to be correlated with Ethereum’s performance rather than Bitcoin, as usual, according to the trader. Therefore, Litecoin’s rally could experience a cool-off or further appreciation if ETH leads the price action. If LTC hits its target, it could see stronger momentum towards a higher price. The trader added:

I dont believe we’ll see $7000+ this year but I do believe $LTC can go into the $3000-$5000 range. #LTC is a late game player.

Trader Crypto Tony is equally bullish after LTC broke the $289 resistance. The trader said:

Litecoin is going to run so hard it is going to mentally affect those left behind. Bags are packed and ready for launch. The BTC pair tells a story and I want us all to be a part of that story

Litecoin’s Fundamental Signal Potential Bullish Momentum

Data from Glassnode indicates that Litecoin has reached a 3-year high Realized Price at $129.65. Similarly, LTC’s Realized Market Capitalization stood at an all-time high with $8,7 billion.

On-chain activity has been showing ambiguous signs with Litecoin’s network transaction volume at a 4-month low of 359,724 LTC. However, the number of Receiving Addresses reached a 1-month high at May 3rd, with 12,771 addresses.

Additional data provided by IntoTheBlock with their In/Out of the Money Around Price (IOMAP), an indicator to visualized clusters of Litecoin’s price distribution, records potential price support at $259 and $269 with over 5.96 million LTC bought by 103,000 addresses around these levels.

Litcoin LTC LTCUSDT
Source: InthoTheBlock

As the chart shows, if LTC rallies there could be major resistance at $314 to $322, $332, and $340. As mentioned, investors should keep a close eye on ETH’s performance for a potential breakout. At the moment, Ethereum’s rally seems to be cooling off but holds potential for another leg-up.

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Forget Lightning, Litecoin Is About To Strike Twice Against Bitcoin

Litecoin is cleared for takeoff after a brutal downtrend against Bitcoin and the dollar. Could the cryptocurrency known as digital silver be the next altcoin to pop like Ethereum, Dogecoin, and the rest of the pack?

Here’s a closer look at the technical signals suggesting a change in the tides is here – a reversal that could cause lighting in the LTCBTC trading pair to strike for a second time.

The Long Running Deviation Between Digital Silver And Gold

The digital gold narrative has fueled much of Bitcoin’s growth over the last two years. Being the “fastest horse in the race against inflation” and a way for corporations to protect treasury reserves has brought the crypto market to the mainstream.

Related Reading | Now Or Never: Litecoin Plummets To Bottom Of Top Ten Crypto Assets

Following Bitcoin, Ethereum went for a long run that’s still ongoing today, and other altcoins like Dogecoin have been the talk of finance. Yet still, Litecoin lagged behind.

The once top ten titan of a cryptocurrency has since fallen out of the list completely, and has some catching up to do. That time could be now, however, as momentum on the highest timeframes against Bitcoin have begun to turn up for Litecoin.

litecoin bitcoin

Momentum is turning up after more than 666 days of Litecoin holder hell | Source: LTCBTC on TradingView.com

Litecoin Ready To Strike Back Against Bitcoin Like Lightning

Litecoin has now spent a hellish 666 days in a downtrend against BTC, letting digital gold steal the entire show for several years. But like the real relationship between physical gold and silver, after gold makes a run, the silver ratio improves in the following months to years.

The same is happening now with Litecoin, now that an altcoin season is back across crypto, and lower liquidity coins begin to rake up all the capital.

Related Reading | Litecoin On The Verge Of Monster Move 

It takes less capital to move the price of these coins further, and after such a long-stretch of negative sentiment in Litecoin while Bitcoin soaked up all the positivity, it could result in an especially powerful move.

All the same perfect-storm conditions are back from the last time the tides changed. The LMACD is turning up on monthly timeframes, suggesting momentum is in bulls’ favor.

The downtrend both times lasted roughly the same amount of time, and the big move up came after breaking above the middle-Bollinger Band – something that is clearly happening again now according to the chart pictured above.

With Bitcoin diving, and Litecoin and other altcoins getting their day in the limelight now, there’s a chance the massive move is only just beginning. Measured move targets point to as much as a 240% move against Bitcoin. Will LTC strike BTC for a second time?

Featured image from Pixabay, Charts from TradingView.com
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New Month, New ATH: Why Ethereum May Hit $10k This Year

Ethereum has been steadily gaining 5% a day over the last week and is now reaching a new high of $2900. Ethereum is currently trading at a new all-time high of $2866, with a market capitalization of $331 billion.

New Month, New ATH

For the first time in history, Ethereum was able to reach $2,850, and it is on its way to surpassing $3,000. This will help the virtual currency to break its all-time high price and get closer to Bitcoin’s market capitalization. While Bitcoin remains the most common virtual currency, its market share has fallen below 49%, and Ethereum’s market share is approaching 15%.

ETH/USD pair break above $2,850. Source: TradingView

According to data analytics platform Skew, the recent ETH price rally coincides with an increase in spot trading volumes since mid-April.

Analysts are optimistic about the ETH price surge, predicting that it will continue in the near future. A majority of market participants expect that the Ethereum price will rise to $10,000 or higher by the end of the year.

Bitcoin has crossed $58,000 in the last few hours and is now very close to $60,000, a high psychological level that will be critical to surpass in the coming days.

Bitcoin and Ethereum aren’t the only virtual currencies that are rising in value. Binance Coin (BNB), Dogecoin, and Litecoin are all up. Binance Coin has risen by over 2% in the last 24 hours, bringing it up to $627.

Dogecoin continues to draw buyers, and it is now trading at $0.36, up more than 17%. After surpassing $272, Litecoin, the digital asset generated by Charlie Lee, is up 3.14 percent from yesterday.

Related article | Ethereum Consolidates Above $2,700, Here Are Chances of Downward Move

Fundamental Reasons For ETH To Hit $10K

Market analyst ‘Spencer Noon’ has provided the top-ten reasons why Ethereum holds the potential to hit $10,000 by the end of 2021.

  • There’s a massive demand currently for the ETH block space as the Ethereum blockchain overshadows its peers with the average daily fee paid around $18 billion.
  • NFT sales on Ethereum have been skyrocketing and have recently surpassed $600 million.
  • Ethereum-based Polygon network currently processes $1 million in daily transactions. It has also onboarded some of the biggest DeFi projects like Aave.
  • The Ethereum blockchain network currently has more than $50 billion in outstanding stablecoin supply.
  • As of date, the Ethereum blockchain network settles $30.5 billion of value every day which is twice that of the Bitcoin blockchain network.

  • The daily active addresses for Ethereum are on a continuous rise and have reached a new all-time high above 625K in recent times.
  • Ethereum is slowly emerging as an institutional-grade technology with the explosive growth of the DeFi activity this year. Of the total $65 billion locked in DeFi, a majority of the DeFi projects are on Ethereum.

The Ethereum community is now waiting for the ETH 2.0 update to be launched. As a result, ETH could grow to become one of the world’s largest blockchain networks. Several projects have moved from Ethereum to the Binance Smart Chain (BSC) in recent months, attracting a slew of new Decentralized Finance (DeFi) projects.

Ethereum may be able to reclaim its supremacy in the DeFi market with ETH 2.0. With cheaper and faster transactions, the world’s second-largest blockchain network may once again become home to the most widely used and powerful dApps, attracting users from Binance Smart Chain who previously used Ethereum.

Related article | Ethereum Closing In on $2,800 As ETH 2.0 Deposit Contract Hit New ATH

Featured image from Pixabay, Charts from Tradingview.com
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Litecoin Prepares For Fresh Bull Momentum As Alt Season Cements 

Litecoin is currently trading at around $283, gaining 5.59% in the last 24 hours. LTC bulls are looking to hold the key support level for the coin at around $257 to prepare it for a fresh momentum.

Light It Up: Litecoin Targets $420 Around Toking (Not Token) Holiday

LTC price had a rough week falling nearly 30% from its high of $333. A recent mining center blackout in China left the cryptocurrency markets in the red the past few days.

The intraday gains have seen bulls recover losses incurred within the weekly time frame. Crypto analyst Altcoin Sherpa says LTC could surge to a new all-time high of $420 given its bullish outlook.

“LTC: Potential 50/200 bullish EMA cross on the 1D for BTC pair incoming, this would be very significant IMO. Haven’t seen that since 2019.  I’m bullish on Litecoin still and think it’s going to go to $420,” he tweeted.

If this view is proven to be correct, LTC may see a rise close to nearly 52% from its current price level.

The technical view for LTC/USD on the 4-hour chart suggests a bullish flip, even though bears might still have a say given the long shadow on the current candle.

Related article | 420 Day: Lifting The Smokescreen On Cannabis Crypto Coins

However, the RSI has climbed above the middle line and currently prints 52, while the MACD is strengthening after a bullish crossover.

As can be seen on the chart below, LTC/USD is gaining momentum and increasing above the 100 SMA. Uncertainty now seems to be resolving, with price heading upwards as bulls seek to strengthen their position after bouncing off $257.

litecoin usd

Litecoin is looking to light up the crypto market soon | Source: LTCUSD on TradingView.com

Alt Season Might Have Arrived

As Altcoins continue to gain momentum, it appears that investing in them might yield more profit than expected. With a three-year wait for the altcoins to rally again, those still holding will either make a move to sell, gain more, or trade amongst the alts. Either way, we’re likely looking at volumes shifting and transactions across the networks increasing.

Holders of Ethereum, Ripple, Litecoin, and Bitcoin Cash, will be excited in the next few months or years to see their investments surge. Ethereum gained over 10 percent while Bitcoin continues to move sideways with a one leg, two leg backward price action. Bitcoin dominance also continues to slide closer to 50%.

Related article | How Litecoin Can Follow DOGE To The Moon And Reach $2,000

Among the top DeFi tokens, Maker, Aave, UNI, SUSHI, and Bancor all recorded green candles. Notably, MKR recorded its new ATH value at almost $5,000.

It’s typical that when Bitcoin slides in dominance, the market shifts toward alt coins. For the alt season to fully kick off, analysts are waiting for Bitcoin to dip under 50% dominance. According to CryptoBull on Twitter, that’s where the real magic happens.

Featured image from Pixabay, Charts from TradingView.com
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How Litecoin Can Follow DOGE To The Moon And Reach $2,000

With a 181.5% increase in the 24-hour chart, Dogecoin (DOGE) is breaking every resistance towards a new all-time high. On the other hand, Litecoin is showing strong momentum and, according to a trader, it could follow DOGE’s performance.

Investing App Robinhood offers its users the possibility to trade with 6 cryptocurrencies: DOGE, Bitcoin, Ethereum Classic, Bitcoin Cash, Bitcoin SV, and Litecoin. Trader and analyst “Pentoshi” believes DOGE’s current price action is coming from this platform.

However, Litecoin has the “best-looking chart” and is amongst the cheapest to buy in Robinhood, said Pentoshi. These two factors could converge with DOGE and LTC mining cycles. Pentoshi added:

On top of that. $Doge and $LTC is mined together. They are United by blood. Miners can take profits to LTC and it’s cheap compared to the Robinhood traders other options.

Pentoshi further added that PayPal’s crypto services have benefit LTC’s price. In LTC/BTC trading pair, Pentoshi set support in 444,976 satoshis and is aiming at 996,579 satoshis in the long run. The trader added the following on DOGE and LTC mining cycles:

$DOGE and $LTC are mined together. Both have the same cycles shown here: They are cyclical and repeat their fractals. Litecoin is just starting! It’s all there when you zoom out. History simply repeats.

Litecoin (LTC) on route to $2,000?

Data from IntoTheBlock shows LTC indicators like Net Network Growth, metric to measure Litcoin’s “true” network growth, Large Transactions, Concentration, and others are bullish. The Futures Market Momentum is also bullish due to the increase in volume and open interest.

Litecoin LTC
Source: IntoTheBlock

The metric In/Out of the Money Around Price indicates further appreciation and support for LTC around $268 and $287. Over 100,000 LTC addresses bought almost 2 million LTC near these levels.

Litecoin LTC
Source: IntoTheBlock

In support of the bullish case, crypto trader Kaleo said LTC’s price to $1,000 is “imminent” and even set a further target toward $2,000.

LTC is trading at $313 with a 12.9% profit in the 24-hour chart. In the weekly and monthly chart, LTC has 38.6% and 56.1% profits, respectively.

Litecoin LTC LTCUSDT
LTC with bullish momentum in the 24-hour chart. Source: LTCUSDT Tradingview

Data from CryptoQuant indicates a rise in Coinbase premium over the past day. In this platform, there are already orders to sell LTC at $550 as analyst Eric Thies commented. Therefore, Litecoin investors seem to have enough reasons to remain bullish.

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Litecoin On The Verge Of Monster Move Against Bitcoin

Litecoin has been among the worst performers in the crypto market in 2020 and 2021 thus far, despite the coin’s longevity in the top ten assets by market cap.

The coin’s fortunes could soon turn completely around, due to what looks to be a monster-sized move brewing against Bitcoin on the altcoin trading pair. Here’s why technicals suggest that near and mid-term Litecoin should outperform the top cryptocurrency by miles.

Litecoin Longevity Helps Altcoin Maintain Top Ten Crypto Cap Ranking

The cryptocurrency market is constantly changing. The top ten cryptocurrencies by market cap currently looks vastly different now than it did one year ago. Coins that were in the top ten during the last bull market, are now no longer part of that elite.

Related Reading | Five Signs Litecoin Has Bottomed, Next In Line For New ATH

XRP, a coin ranked in third for most of its lifetime, nearly plummeted completely from the top ten – but has since made a dramatic recovery.

Another coin the cryptocurrency bull run has mostly ignored, has been Litecoin. Along with Ripple, the altcoin dubbed digital silver have lagged behind the rest of the top ten assets, yet some how have clung on. Both of failed to set a new all-time high, but according to technicals, they’re next in line to do so.

ltc btc litecoin bitcoin

Several bullish technicals suggest a major breakout and monster move is coming | Source: LTCBTC on TradingView.com

LTCBTC Monthly Technicals: On The Brink Of A Monster Bullish Move

Litecoin is an offshoot of Bitcoin code and often considered the silver to the digital gold narrative. The digital gold narrative has taken Bitcoin’s market cap to $1 trillion, but like silver lagging behind gold itself, Litecoin has barely been a blip on anyone’s radar.

However, bullish technicals on the LTCBTC trading pair are indicating a massive move against Bitcoin.

Related Reading | Litecoin Signal Shines, Suggests Downtrend Against Bitcoin Is Over

If a full turnaround starts now, a perfected TD 13 countdown marked the bottom with incredible precision. Supporting a major reversal on the altcoin ratio against Bitcoin, the monthly Stochastic indicator has crossed upward after spending two years in the bottom range. Coinciding with the crossover, the monthly Relative Strength Index has fallen back to touch a support level that wasn’t tapped since 2015.

The logarithmic MACD is also rolling upward, falling short of a bullish crossover just yet. The often considered lagging indicator is instead a signal that there’s clear skies ahead, and is more of a confirmation that a reversal has taken place.

Turning upward the last time in early 2017, took Litecoin to its current all-time high. After holding onto the top ten like a champ, it could finally be time for digital silver to shine.

Featured image from Pixabay, Charts from TradingView.com
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Litecoin Signal Shines, Suggests Downtrend Against Bitcoin Is Over

Litecoin is trading at around $200… still. The altcoin has failed to set a new all-time high like Bitcoin, Ethereum, and others in the top ten have, yet it has clung onto the ranks for its entire lifetime.

A signal has appeared – across several of the highest timeframes – that could suggest that the long downtrend against Bitcoin is about to come to an explosive ending.

Litecoin Loses Luster During Bear Market, Can’t Catch A Spark

Few coins have had as difficult of a time recovering since the last bull market as Litecoin has. The only other coin in the top ten to struggle so severely is XRP, and the coin’s parent company Ripple is locked in a legal battle with the SEC.

Litecoin has no such issue to keep its prices down, yet the coin has yet to do much better than its 2019 peak, and is not even halfway recovered to its previous all-time high around $418 per LTC.

Related Reading | Now Or Never: Litecoin Plummets To Bottom Of Top Ten Crypto Assets

Meanwhile, Ethereum just smashed above $2,000 and Bitcoin is trading at around $60,000 per coin – more than three times its former high.

The rise in Bitcoin but subsequent stagnancy in Litecoin, has caused the altcoin to absolutely nosedive in terms of the LTCBTC trading pair. But with a handful of potential reversal signals forming on the ratio, things soon could turn around for an extended phase.

ltcbtc

A TD 13 signal has triggered on the LTCBTC monthly | Source: LTCBTC on TradingView.com

LTCBTC Reversal: The Sign That Things Could Finally Turn Around For The Altcoin

After Litecoin peaked, it spend nine full months in a downtrend against Bitcoin until a TD 9 signal appeared. The altcoin then saw a short-term boost with its halving in 2019, but after it peaked then, its been all about Bitcoin in the crypto industry ever since.

Following a bear market bounce, the altcoin fell for another consecutive 25 months, ignoring another TD 9 and instead reaching a TD 13 countdown on monthly timeframes. Coinciding with a narrowing pattern on the Relative Strength Index, an explosive breakout is imminent.

 

The same powerful 13 countdown is evident on quarterly timeframes also | Source: LTCBTC on TradingView.com

The TD 13 has also appeared on even more powerful timeframes, such as the LTCBTC quarterly represented in the chart above.

Related Reading | Five Signs Litecoin Has Bottomed, Next In Line For New ATH

Zoomed in even further for the chart below, there’s even a TD 9 within the past week on daily timeframes.

A less powerful TD 9 on daily timeframes may have kicked off the turning point | Source: LTCBTC on TradingView.com

Both a TD 9 and TD 13 signal suggest a trend is reaching a point of exhaustion, and due to turn around. And it already has since the daily TD 9 triggered.

The LTCBTC pair is now higher, and there’s green forming in a sea of red finally. If the tides finally turn, and Bitcoin maintains relatively high prices, the cost per Litecoin could explode as it finally plays catch up with the likes of its digital gold counterpart, Ethereum, and the rest of the altcoin space.

Featured image from Deposit Photos, Charts from TradingView.com
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How Litecoin went on a rally after fake renaming to Bitcoin Lite

Aprils Fools was almost over, but there was still a joke in store in the crypto space. Litecoin creator Charlie Lee made a fake announcement via Twitter claiming that Litecoin would be rebranded to BitcoinLite, “as Satoshi Nakamoto intended.”

Lee posted a version of Bitcoin’s whitepaper highlighting the letters LITE and a link to Litecoin Foundation’s official website renamed BitcoinLite Foundation. The home page reads “Just Like Bitcoin. But ‘Lite’er!”, adding that Bitcoinlite is “4 times more scalable than Bitcoin” with higher transaction fees and a supply of only 84 million coins. It even offered users a BitcoinLite Wallet. The website contained the following message:

After several hard-fought, intense back and forth discussions within the Litecoin community, it was decided that Litecoin will undergo a rejuvenating marketing campaign — Litecoin will be rebranding itself to “BitcoinLite”.

The reason behind the rebranding was a supposed opportunity to capture new investors “confused” by the different forks of BTC (Bitcoin Cash, Bitcoin SV, Bitcoin Gold). These investors think that each of these versions is the “real BTC”. Therefore the “Bitcoinlite Foundation” could gain new followers that “we’d previously been missing”.

The page outlines a fake roadmap that begins with the “takeover” of the Bitcoin domain and changing the information related to this cryptocurrency to BitcoinLite information. However, the publication makes some “true” observations about Litecoin and highlights some of its features in what some members of the crypto community later called a publicity stunt. The website claimed:

Community donations will be much appreciated to help achieve this task, as Litecoin unfortunately did not have an ICO launch to help pay for everything (…). It’s been a wild ride getting here, but we’re so glad to finally have reached this point (…) April 1st marks the beginning of a fresh, brand-new quarter and so far, we’re starting it off with a kick.

LTC on the rise

After Charlie Lee’s fake announcement, LTC went on a 5.3% rally, at the time of writing, and is one of the top gaining coins in the 24-hour chart after Filecoin (27%) and UNI (6.3%). LTC is trading and $203 with 14.9% gains over the last week.

LTC on a rally in the 24-hour chart. Source: LTCUSDT Tradingview

Recently, MimbleWimble via Extended Block code was completed by lead developer David Burkett. The protocol is intended to bring additional privacy and scalability features to the blockchain. However, LTC’s price has not benefited from the news.

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Now Or Never: Litecoin Plummets To Bottom Of Top Ten Crypto Assets

Litecoin is often called the silver to Bitcoin as digital gold, and strangely, the two cryptocurrencies and two precious metals are exhibiting the same behavior where one is lagging behind the other.

The lack of momentum in the digital and physical forms of silver have kept the price of both assets at bay for the entire recent bull market in each class. With no growth in Litecoin compared to other cryptocurrencies, the altcoin is only a billion dollars away from losing the top ten cryptocurrency by market cap status – something its held pretty much since its inception.

“Digital Silver” Is The Altcoin That Simply Won’t Shine

Litecoin is an offshoot of the original Bitcoin code, created in 2011 by former Google and Coinbase engineer Charlie Lee.

Much like how on a per ounce basis gold is more both more scarce and valuable than silver is, there are four times as many total LTC compared to Bitcoin’s 21 million BTC.

Related Reading | Digital Silver: Why Litecoin Is Poised To Bounce Versus Bitcoin

In addition, there’s faster transactions, among other benefits. Outside of the few differences, there’s mostly similarities between them – including a hard-coded halving recurring every four years or so.

litecoin versus bitcoin ethereum Litecoin is severely lagging behind the rest of crypto | Source: LTCUSD on TradingView.com

But unlike Bitcoin, that halving amounted to very little in terms of sustainable returns for investors of the altcoin. The cryptocurrency is lagging far behind Bitcoin, Ethereum, and most other cryptocurrencies in the market.

Also unlike Bitcoin or Ethereum and several other altcoins, Litecoin has failed to set a new all-time high since the bull market began.

Even gold has set a new price record, while silver still trades well below its. It is bizarre that the asset dubbed digital silver, is following the path of physical silver so well, versus the rest of the crypto world.

Litecoin At Risk Of Losing Top Ten Crypto Status

The continued underperformance of Litecoin compared to there rest of the market, however, could knock the cryptocurrency out of the top ten assets ranked by market cap, according to price aggregator CoinMarketCap.

The animated GIF above is a look back at the past decade or so the historical snapshots will go back, taken from the first ever date, then annually each March closest to the end of the month.

Every single snapshot, Litecoin is ranked anywhere from number two to ten, and every rank in between. It’s never had the number one spot, but it’s also never lost the top ten.

Related Reading | Five Signs Litecoin Has Bottomed, Next In Line For New ATH

But the likes of Chainlink, Stellar, and Bitcoin Cash are all right on its tail, some within a $1 billion striking distance for making history for unseating Litecoin. Each of the three assets have also had a stint in the top ten themselves.

There’s also a rising stablecoin – USD Coin – right on its tail, and with more stablecoins being created monthly, the chances of it taking out the altcoin are also high.

Could a fall out of the top ten and from grace be a fatal blow for the coin, or is sentiment reaching this deep of a low in the coin a sign that capitulation is setting in and things might finally turn around?

Given how far behind Litecoin is, the low supply, several bullish technicals, and more, the altcoin could end up shocking the world when it finally does.

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Five Signs Litecoin Has Bottomed, Next In Line For New ATH

Litecoin during the last cycle was as popular and hyped as other top cryptocurrencies Bitcoin and Ethereum. This time around, however, the coin called digital silver isn’t performing anywhere nearly as well as its digital gold counterpart or even other altcoins.

Whatever has been causing the lag behind the rest of the market, there are several signs that the altcoin has bottomed and is the next cryptocurrency in line to set a new all-time high.

Five Technical Signs That Point To A Bullish Litecoin Revival

This bull market has been dominated primarily by Bitcoin, Ethereum, and innovative new blockchain-based technologies like DeFi and NFTs.

Among the year’s top performers, nowhere to be found on that list would be Litecoin – an altcoin that during the last bull market rose as furiously as Bitcoin, and peaked weeks ahead of Ethereum.

Related Reading | Digital Silver: Why Litecoin Is Poised To Bounce Versus Bitcoin

During this cycle, Litecoin is lagging well behind these other top ten assets with serious longevity. Although Litecoin has maintained its position within the top ten, it is finally at risk of falling out of it and is currently ranked in ninth place overall.

But before that could happen, the altcoin could finally see a strong bounce according to several technicals.

ltcusd Adam and Eve bottom

A textbook example of an Adam and Eve bottom formation | Source: LTCUSD on TradingView.com

First and foremost, on the rarely used six-week timeframe on LTCUSD the trading pair, Litecoin has completed one of the technically cleanest Adam and Eve bottom formations in crypto.

The projected target based on the measure rule should send Litecoin to nearly double its previous all-time high within weeks once things do turn around.

ltcbtc td 13

A TD 13 typically suggests a trend is reaching the maximum point of exhaustion | Source: LTCBTC on TradingView.com

Switching to the LTCBTC trading pair, quarterly timeframes are signaling that the brutal downtrend could be completely exhausted with a TD 13 and a sweep of former lows.

Related Reading | Altcoin Season 2021: Why Litecoin Could Teleport Like Dogecoin Did

A quarterly candle has never traded below the current level, making a reversal at this zone all the more likely.

Did you know? RSI can also act as support and resistance for price action | Source: LTCBTC on TradingView.com

On monthly timeframes, the altcoin has been trading against Bitcoin in a falling wedge pattern, and after four years of a bear market, finally touched down on RSI support.

At the same time, Litecoin has fallen to support dating back to the 2017 bottom, just before the altcoin began its extended, four-year descent against the top cryptocurrency.

Is this the bullish signal Litecoin bag holders have been waiting for? | Source: LTCBTC on TradingView.com

Zoomed in further to weekly timeframes, a bullish divergence on the Relative Strength Index has been building since around mid-2020.

If the bullish divergence fails, Litecoin will set new lows against Bitcoin. If confirmed, the reversal should begin well into 2021 before the total cryptocurrency market tops out once again.

litecoin versus bitcoin ethereum Litecoin is severely lagging behind Ethereum and Bitcoin | Source: LTCUSD on TradingView.com

The fact that Litecoin remains so far behind Bitcoin and Ethereum, despite reaching its all-time high before the other two during the last cycle, could indicate that the peak of the crypto market is nowhere near.

Related Reading | This Litecoin Fractal Says Time Is Running Out To Accumulate At Low Prices

When Litecoin does break out against Bitcoin, it is historically one of the largest and most profitable plays in crypto. But as price action has recently shown, history doesn’t always repeat.

When will Litecoin finally shine again?

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Digital Silver: Why Litecoin Is Poised To Bounce Versus Bitcoin

Litecoin has had a brutal “bull market” if you can even call it that for the once popular cryptocurrency built on Bitcoin’s code. However, that all might soon turn around, as a massive bounce is brewing on the LTCBTC trading pair.

A reversal on the trading pair could help Litecoin catch up to the rest of the market, which has already set new all-time highs and then some. If and when LTC recovers against BTC, the upside could be swift and violent. Here’s why.

How Long It’s Been Lights Out For This Altcoin’s Bull Market

Comparing Litecoin’s chart next to the likes of Dogecoin, Ethereum, Bitcoin, Binance Coin, and several others, shows just how dark the depths of the crypto winter got for the altcoin.

Litecoin was an incredible performer at the height of the last bull market, rising to beyond $360 per LTC in a flash.

The altcoin also led the charge in the 2019 crypto market recovery, fueled by buzz surrounding the protocol’s block reward halving.

Related Reading | Why Litecoin Is The Next Crypto To “Teleport” Like Dogecoin

Litecoin’s code is very similar to Bitcoin’s, giving it several key similarities that should be benefiting the “digital silver” counterpart currently, such as hard-coded scarcity.

Only 84 million LTC exist, a mere four times the amount of the BTC supply. And if scarcity is driving the demand behind Bitcoin, the fact that Litecoin isn’t at all following is confusing.

But a bounce is due, according to one crypto analyst‘s interpretation of the LTCBTC price chart.

litecoin ltcbtc

A hidden dull div on the OBV could trigger a breakout of the falling wedge | Source: LTCBTC on TradingView.com

Smart Money Signals That Litecoin Is Ready To Bounce Against Bitcoin

The trader who shared the above chart says that LTCBTC is currently at long-term support of a falling wedge, coinciding with a bullish divergence on the on-balance volume indicator (OBV).

The OBV is often regarded as the “smart money indicator” – named as such for its ability to pick up signals of movements before they begin to take effect in price action.

These signals represent “smart money” taking positions early before markup. Fractals from the last bull market suggest that a breakout is near, but holders of the coin are taking their time.

Related Reading | This LTC Fractal Says Time Is Running Out To Accumulate At Low Prices

Losing support would take LTCBTC to the lowest levels yet, but a full reversal here could take the altcoin back to highs on its ratio against Bitcoin.

Litecoin is one of the oldest cryptocurrencies and one of the few to hang onto the top ten assets by market cap for several years at a time, even despite an inability to reclaim its former price record.

Will Litecoin finally bounce against Bitcoin and make a full recovery?

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