Is Litecoin Slated To Be The Next Crypto Show Stopper?
Litecoin (LTC) hit an all-time high of $412.96 on Sunday night. The cryptocurrency was trading nearly 18% higher at press time.
What Happened: LTC gained 49.29% over a seven-day trailing period and traded 17.48% higher at $400.06 on a 24-hour basis, according to CoinMarketCap data.
The cryptocurrency’s weekly gains surpassed those of Bitcoin (BTC) and Ethereum (ETH), the two largest coins by market capitalization.
BTC saw a 2.69% rise on a seven-day basis while ETH rose 34.52% in the same time frame. BTC traded 1.81% higher at $59,238.16 and ETH was up 5.32% at $4,104.62 at press time.
Why It Matters: Analyst Michaël van de Poppe noted the ascent of Ethereum on Twitter, which has since touched an all-time high, and said Litcoin would follow in due course.
#Ethereum at $3,800 is a good day.
Matter of time until #Litecoin follows.
— Michaël van de Poppe (@CryptoMichNL) May 8, 2021
See Also: How to Buy Dogecoin (DOGE)
“I’d genuinely hope the momentum and hype fades away and the spotlight goes back to the beautiful, decentralized space and ecosystems” that are being built, Poppe said in a tweet.
It is noteworthy that DOGE and LTC can be merge mined. Galaxy Digital Research noted in their report “Dogecoin: The Most Honest Sh*tcoin” that miners are now deriving more revenue from DOGE than from LTC.
DOGE-LTC merge mining incidentally came about after a suggestion was made by LTC creator Charlie Lee.
The appreciation in the price of both LTC and DOGE has revived the interest in ASIC miners used to mine the cryptocurrencies, the Block reported. DOGE traded 3.58% lower at $0.53 at press time.
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