Crypto Analysis: Litecoin Is Preparing to Make a New Breakthrough

Despite the recent correction, the Litecoin rate (LTC) as a whole continues to strengthen.

Crypto Analysis: Litecoin Is Preparing to Make a New Breakthrough

LTC has been growing over the past two months. Peaks were observed in mid-February when the LTC reached $82, these days its capitalization exceeded $5.286 billion. LTC was even able to break into the top five altcoins.

Chart via CoinMarketCapLast week, there was a rollback as part of the correction, but the coin was able to quickly get support and again began to strengthen its position after falling to $68.

On Monday, February 24, the coin is trading at $78. In 2020, LTC gained 95% in value, ahead of Bitcoin, and in the camp of traders, many predict that the upward dynamics of the altcoin movement will continue until at least summer.

There are several factors that stimulate coin growth. First, LTC recently overcame two key barriers of $70 and $75 thanks to increased support.

Secondly, capital continues to come into the cryptosphere amid fears caused by the outbreak of the virus in China. The third factor, observers consider the upcoming May halving of Bitcoin (a decrease in the reward of miners).

Last year, before the Litecoin halving, BTC also grew in price, this year the situation may repeat itself. Only this time, Bitcoin will pull up its “little brother”.

Evidence of increased support last year was a sharp increase in LTC network users. The volume of transactions on the platform exceeded $100 billion, follows from the materials of the BitinfoCharts portal. Now, this indicator continues to add, which indicates the preservation of the trend for the long-term strengthening of the coin.

Chart via BitinfoCharts

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