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)
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.
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.
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.
$LTC recently rallied to $360+
Which means #LTC has broken two very important resistance levels:
These are #Litecoin Four Year Cycle levels
Break the old All Time Highs and Candle 1 will rally to new unimaginable highshttps://t.co/BCRcr7B6GB pic.twitter.com/mZl1A9BOyK
– Rekt Capital (@rektcapital) May 6, 2021