Litecoin (LTC) prices soared up to 35%, hitting a one-year high against Bitcoin (BTC) this week. This led the analysts to forecast prolonged upward momentum for the remainder of the ongoing monthly session.
The LTC / BTC exchange rate hit 6,358 sats during Asia Pacific trading hours. The pair later corrected to an intraday low of 5,776 sats ahead of the London opening bell as profit-taking sentiment grew near the session peaks.
However, according to Glassnode, the downward revision was barely able to offset Litecoin’s growing bullish strength. The blockchain analytics firm saw a dramatic increase in the number of active Litecoin addresses from 2021, indicating increasing demand for the silver cryptocurrency, just as the Bitcoin upward trend is showing signs of cooling.
The Litecoin price uptrend emerged from the womb of an ongoing altcoin market boom. In the past few sessions, Bitcoin lost its market share to a large army of competing cryptocurrencies, with Ether (ETH), the second largest digital asset by market capitalization, hitting a record high of over $ 3,500.
Compared to Bitcoin, the price of ether hit nearly 6,350 sats for the first time since July 2018.
Similarly, Litecoin did well in both the Bitcoin and US dollar-listed market. On May 6, the LTC / USD exchange rate hit the area of its previous historic high of $ 420 and hit $ 365.20 before falling into the London session.
Chair analysts with massive followers on social media have begun to look at the Litecoin uptrend as an indication of a bigger, better rally.
$ LTC recently rose to $ 360 +
Which means that #LTC has broken through two very important levels of resistance:
• $ 226
• USD 305
These are #Litecoin four year cycle levels
Break the old all time highs and Candle 1 will hit new unimaginable highs: //t.co/BCRcr7B6GB pic.twitter.com/mZl1A9BOyK
– Rekt Capital (@rektcapital) May 6, 2021
Meanwhile, the mood of consolidation in the Bitcoin market continued to push traders to seek profitable opportunities in the Altcoin market. The decreasing dominance of the benchmark cryptocurrency in the crypto market correlated inversely with the LTC / USD price development, as shown in the following graph.
Bitcoin trades in the $ 51,000 to $ 60,000 range with long-term sentiment trending upwards. In its stable, consolidating avatar, the flagship cryptocurrency is delivering bullish hints of the altcoin market, including Litecoin.
“I think it’s realistic to say that Litecoin will hit over $ 1,000 at some point,” a pseudonymous crypto trader tweeted on May 6.