Litecoin breached the $60 grip on August 27, reaching a fresh all-time high against the dollar. Greater adoption, trading volumes in addition to the rising fees on the Bitcoin network are all factors behind the surge, which has propelled Litecoin's marketplace capitalization inward a higher house $3 billion.
LTC-USD is upwards over $11 on the Kraken exchange, rising to a greater extent than than 22 pct on August 27. Litecoin activated the scaling proposal SegWit inward May 2015 . Influenza A virus subtype H5N1 lot of buying pressure level may stimulate got been precipitated past times Bitcoin's recent SegWit activation, which opens the door for the Lightning Network in addition to atomic swaps betwixt the ii cryptocurrencies.
Litecoin's electrical current bull run has been longer in addition to to a greater extent than intense than the short-lived rising to $50.27 from $2.35 inward Nov 2013. Financial commentator Max Keiser placed a $50 target on litecoin at the time, which has been tested since June 2017. The rising dorsum in addition to thence was also attributed to the rapid appreciation of bitcoin, amongst newly minted wealthy piling some of their digital riches into litecoin.
While resting on the shoulders of 1 telephone commutation inward 2013, the altcoin is at in 1 lawsuit offered across major exchanges such equally Bithumb, Bitstamp, in addition to Coinbase.
Also, full general adoption has also picked upwards since then, equally good equally becoming to a greater extent than widely available at Bitcoin ATMs.
One notable example is the Institute of Cryptoanarchy, which switched its recommended cryptocurrency from bitcoin to litecoin inward June when fees paid for bitcoin transactions became "too similar to traditional banks."
Interestingly, Charlie Lee stated amidst litecoin's spectacular rising inward Nov 2013, "If nosotros don't screw it up, litecoin volition follow on the coattails of bitcoin. There volition move to a greater extent than merchant adoption, in addition to it volition popular off less speculative in addition to to a greater extent than useful."
Over the past times half dozen months, the average fee for a bitcoin transaction has increased to simply about $8.00 whereas for litecoin, it has remained stable below $0.20.
An Attempt at $100?
Litecoin has experienced a stampede of buyers since March 2017, when LTC-USD was trading simply below $4.00. Anticipation of SegWit saw a strong Apr for the altcoin, gaining nearly $10. With an imminent unopen inward a higher house the $50 psychological order for August looking likely, LTC-USD could easily displace $100 next.
The nautical chart below seems to dot the marketplace volition boundary toward the $100 psychological resistance. The weekly cost activity on the Bitfinex telephone commutation shows that inward June, the high at $39.11 was broken, leading to a fresh peak close $56. The Fibonacci tool shows that the marketplace has at in 1 lawsuit achieved the firstly Fibonacci extension order at $60.97 in addition to the adjacent resistance lies at $96.34. Influenza A virus subtype H5N1 farther extension order provides a potential stimulate got turn a profit zone simply about $131.72.
Bullish momentum is starting to gear up, equally the Bullish Saucer signal is probable to move triggered the calendar week start August 28. The Awesome Oscillator turned greenish in addition to nosotros await to purchase close the high of the electrical current candlestick ($63.70 at the fourth dimension of writing) in 1 lawsuit the adjacent week's candlestick opens. Influenza A virus subtype H5N1 displace inward a higher house $63.70 adjacent calendar week volition confirm the signal; at that spot volition move a high likelihood the marketplace volition brand a displace toward the targets at $96.34 in addition to $131.72.
Furthermore, when looking at the monthly cost action, nosotros come across that at that spot is enough of fourth dimension for farther upside for LTC-USD. Examining the nautical chart below, notice that since the most recent fractal back upwards at $3.00, at that spot stimulate got been 7 close consecutive higher highs.
The marketplace is suggested to move exhausted in 1 lawsuit nosotros give away xi close consecutive higher highs, pregnant at the earliest, nosotros could come across a reversal of the uptrend simply about Dec 2017. The longest the bull run tin popular off on is until August 2018, using the close consecutive dominion of thumb. The close consecutive count is exclusively over when at that spot are iii weeks without a fresh high. The monthly nautical chart also shows the largest bullish Marubozu e'er for LTC-USD (further confirmation is given on the candle's close).
While inward dollar price litecoin is at fresh highs, against bitcoin it is even thence below the 2013 high of 0.0482. The nautical chart below from CoinMarketCap.com shows the cost activity since May 2013.
The post service Litecoin Price Clears $60, New All-time High against USD appeared firstly on BTCMANAGER.
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