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

By Bhushan Akolkar
December 26, 2020 Updated 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.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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