Litecoin (LTC) Emerges the Only Challenger to Bitcoin (BTC) On Weekly Charts

Bhushan Akolkar
December 26, 2020
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Bitcoin (BTC) is growing stronger and consolidating its market dominance during the recent volatility. Recently, BTC price surged past $25,000 levels to hit its new all-time high. However, it has retraced marginally back to $24,807 but is still up 5% on the daily chart.

While Bitcoin continues to dominate the weekly market performance, the only challenger to it is Litecoin at the moment. while the BTC weekly gains stand at just over 7%, the LTC weekly gains are at 20%. Almost every other altcoin has failed in this regard and has dropped against BTC. The below weekly chart clearly shows that Litecoin (LTC) has been making close moves to that of Bitcoin (BTC).

Courtesy: CoinMarketCap

A week before, Litecoin (LTC) made strong advancements from $82 all the way to hit its new 2020-highs above $120. even during the market correction on Thursday, Litecoin managed to hold above its crucial support levels of $100. On Christmas day, Litecoin made a swift recovery jumping 18% in the last 14-hours.

Grayscale Adding Litecoin (LTC) In Big Numbers

The Grayscale Litecoin Trust (LTCN) is the asset manager’s third most-valued offering in the market. The LTCN value has also surged all the way to $120 million in assets under management. During Thursday’s market correction, LTCN accumulated 106,420 LTC as part of its continuous purchase over the last week. Just over the period of last week, LTCN AUM has surged 50% from under $80 million to above $120 million.

Over the last one month, the Litecoin (LTC) price has surged over 90% as of the date as much of the gains come just over the last two weeks. But if we check the monthly charts as well, Litecoin (LTC) is still challenging Bitcoin (BTC) on monthly gains.

It looks like the Litecoin rally is just getting started. It is also possible that if the alt season kicks-off, LTC can surge all the way to its all-time high of $371.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.