Litecoin [LTC] hikes by 8% in 24 hours, investors rejoice

The price of Litecoin [LTC] saw a sharp hike earlier today, with 8% in the last 24 hours. This comes after the coin has been bouncing between the $55 and $65 marks over the past week.

The price shot up by 6% in the last hour, as it saw a price increase from $57 to $63 in that time frame. It started off the last week with a strong hike from $54 to $56 on September 20th.

7 day Litecoin price chart | Source: CoinMarketCap

7-day Litecoin price chart | Source: CoinMarketCap

It proceeded to see another hike the very next day, from $57 to $61. It dropped back down to $57 again, testing the support level on September 22nd.

Then, it saw a slow hike to its weekly high of $63, where it stayed for a few hours before seeing a heavy correction to $60.75 on 23rd September. This drop persisted until the next support level, $57 on September 24th. It then proceeded to break the support and drop further to $55 on September 25th.

Proceeding the sharp correction seen after the hike to $63, the coin saw a slow hike as it found the price bottoming out. It saw a hike to almost $60 on Septemeber 26th before running out of steam and dropping back down to $57, where it stayed until the next day.

Earlier today, the coin saw a vertical spike to the $63 mark again. Signs of a correction are not yet visible.

Iarius Germund, a market analyst, stated:

“While the price has been seeing extremely volatile movement, it seems to be decoupling it’s growth from Bitcoin. This is an interesting phenomenon, and might be indicative of a future split between the usecases of Bitcoin and Litecoin.”

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