Litecoin flew away – BTC parity saw the highest level of the last year

Litecoin (LTC) price saw the highest level of the last year in Bitcoin (BTC) parity, with a 35 percent increase. Analysts predict that this bullish momentum will continue for the remainder of the month.

Litecoin Price Index: 1 Litecoin How Many TL? (LTC TL)

A 1-week candlestick chart of the LTC / BTC pair (Binance). Source: TradingView

The LTC / BTC pair climbed as high as 6,358 sat in the Asia Pacific session. The pair fell to 5,776 sats before the London market opened with a later correction.

Glassnode data, on the other hand, reveal that the correction in question did not hurt Litecoin’s growing upward momentum. The blockchain analytics company has detected a massive increase in the number of active Litecoin addresses since the beginning of 2021. As the Bitcoin uptrend is slowing, the demand for LTC is increasing.

The number of active Litecoin addresses is growing. Source: Glassnode

Litecoin has been on the rise with the overall boom in altcoin markets. While Bitcoin lost market dominance against rival altcoins, the largest altcoin Ether (ETH) saw $ 3,500.

The ETH / BTC pair has approached 6,350 sat for the first time since July 2018.

Ether is at the highest level of the last 3 years against Bitcoin. Source: TradingView

Litecoin also performed well in dollar terms, surging up to $ 365.20 during the day.

Market commentators consider Litecoin’s rise to be a precursor to a much larger rally.

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