Litecoin (LTC) up by 13%, marks 17% weekly growth

Litecoin price is down 30% since the beginning of September. Should I invest?

While Bitcoin continues to dominate the headlines thanks to the fact that it hit a new ATH, it is not the only coin worth paying attention to. Its oldest fork, Litecoin, also saw some major price advancements in the recent period.

Litecoin price in 2020

Litecoin price has participated in several major rallies in 2020. The one that took place between January 1st and February 15th saw the coin go from only $42 to around $77.

After the mid-March crash caused by COVID-19, LTC saw a short period of recovery, followed by months of trading mostly sideways. In late July, it saw its first serious price movement which took it to $60, only for a bit to drop back down in September.

LTC finally started growing seriously in mid-November, although not without struggle.

Litecoin price reaching levels last seen in mid-2019

Starting around November 11th, LTC price started to surge up once more — this time quite strongly. The coin managed to reach $90 only two weeks later, although it failed at breaching this level. The resistance was too strong, and it rejected its price down to $65.

LTC then launched another attempt to breach the resistance, once again reaching it, and once again being sent back, this time to a support at $70. It hit this support around December 11th, two weeks ago.

However, a few days later, Bitcoin started its own surge that allowed it to push past its historical high of $20k, and LTC followed. Both coins breached the resistances that kept them down, allowing BTC to go up to $25k, and LTC to go past $100, and even reach $130 — a level last seen during the mid-2019 price surge.

LTC price rallying alongside Bitcoin’s led many to buy LTC, expecting it to keep on climbing. At the time of writing, LTC sits at $128,70 after seeing a 13% increase in the last 24 hours. It is also worth noting that the coin’s price managed to grow by 17.25% in the last 7 days, allowing it to climb to the 5th spot, with a market cap of $8.42 billion.

The post Litecoin (LTC) up by 13%, marks 17% weekly growth appeared first on Invezz.


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