Solid returns for Litecoin investors since the new year are leading to suggestions the altcoin could be front-running Bitcoin’s own move higher like last year.
Litecoin (LTC) hit $70 for the first time since September 2019 this weekend, fuelling speculation it will induce a Bitcoin (BTC) bull run.
Data from Cointelegraph Markets and Coin360 showed LTC/USD passing the notable $70 barrier on Feb. 1, going on to claim local highs of $71.50.
LTC seals 65% monthly returns
As with many major altcoins, the achievement caps a highly successful month for Litecoin, which on Jan. 1 traded at just $43.
Litecoin price 1-month chart. Source: Coin360
However, the 65% jump caught traders’ attention for one reason in particular. As popular Twitter personality Loma noted on Saturday, Litecoin put in a similar performance in March last year.
After doubling its price over four weeks, Litecoin gave way to Bitcoin, which began a three-month bull-run culminating in a 19-month record of $13,800.
Analyzing current sentiment, Loma and others now see the potential for the pattern to repeat itself.
“Litecoin leads bitcoin,” investor Michael Flaum summarized on Twitter on Friday.
“Litecoin up 5.8% Don’t know why, but it’s a common trend. $10k bitcoin very possible.”
The road to $100K begins
As Cointelegraph reported, multiple trading sources have recently flipped increasingly bullish on Bitcoin’s prospects for this year.
Having broken out of the $6,000 range, commentators are now broadly convinced that a return to those levels is highly unlikely.
In a Market Discussion on Friday, two well-known crypto YouTubers added to the sense of anticipation, arguing that at current levels of $9,400, BTC/USD is already in the bull cycle, which could reach at least $80,000.
from Cointelegraph.com News https://ift.tt/3b6Y171
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