Cryptocurrencies have been performing relatively better at the beginning of this week, despite many challenges related to the crypto industry. Bitcoin (BTC) has maintained a price of over $16,000, and Ether (ETH) hopped up from the $1,200 again, the wild card entry for last week has been Litecoin (LTC) which rose up by about 25%.
Litecoin made a surprise rally to about $81.26 on 23rd November, keeping up the peaks over the week. The overall growth of the coin over the last seven days is around 24-25%. At the time of writing, the coin is trading at $76.53, up by 6.83% in the last 24 hours.
According to U.Today, experts predict Litecoin (LTC) could rise by 200% in a matter of months. For those who are uninitiated about the coin, Litecoin is a peer-to-peer cryptocurrency that is also known as the digital silver. The coin aims to be the“future of global payments.”
Litecoin’s basic architecture was inspired by Bitcoin (BTC), when it launched in 2011. Being one of the earliest altcoins, it shares numerous features with the king of cryptocurrencies such as the proof-of-work (PoW) consensus mechanism, halving events and a limited supply.
The rise of Litecoin has been closely tied to the rise of Bitcoin over the last few years. As Bitcoin has evolved into a store of value, Litecoin has become a payment crypto given its ability to make faster transactions at a lower price.
Earlier in the month, Litecoin reported that there was a huge increase in the number of Litecoin wallets.
Over the years, Litecoin has been known to be a stable, growing project, which could be one of the reasons for its recent surge in popularity. According to investing.com, the recent Litecoin rally shows a shift in market sentiment. The report says that investors might be moving away from “moonshots” and choosing stable and reliable projects. This is a result of a risk-averse winter market where debacles like BlockFi and FTX have further created an uproar and panic.
On CoinField Exchange, you can check the current price of Litcoin (LTC) and trade it against six different trading pairs, including USD, EUR, CAD, GBP, USDT, and XRP.
Bitcoin and Ether Prices
Bitcoin (BTC) has risen over the last seven days as markets gradually recovered from the recent news of FTX and BlockFi. Bitcoin (BTC) has rebounded from its two-year low last week of $15.5K to $16.5K (at the time of writing).
Even though BlockFi filing for bankruptcy protection has added fuel to the fire, Bitcoin has maintained a gain of about 1.5% over the last 24 hours. More good news is that the Bitcoin price has managed to stay above the $16,000 levels over the week, after sliding to $15,709 on 22nd November. Currently, the coin is trading at $16,464.
Ether (ETH) has regained its position above the $1200. It had slid on 28th of November following a “whale” address moving about 73,224 ETH, worth $85.7 million, reported on-chain researcher Lookonchain. When such large scale transfers take place, there is usually an uptrend in exchange inflows and, therefore, a higher price volatility. Over the last 24 hours, Ether (ETH) has rose about 2.85% to its current price of $1,204.22 at the time of writing.
Macroeconomic Scenario
The aggressively bearish market remains under pressure while smaller gains are noticed. Global stocks fell sharply following the protests in China against their government’s strict Covid-19 policies. The protests seem to have initiated a fresh scheme of worries for the investor over the performance of China, the world’s second-largest economy.
According to Yahoo Finance, Dow Jones Industrial Average fell 1.5%, the S&P 500 Index dropped 1.5% and the Nasdaq Composite Index ended the day 1.6% lower over the last day.
In other macroeconomic news, the President of New York Fed, John Williams, said that unemployment rates in the US could reach as high as 5% in 2023, up from the current 3.7%. This puts Fed’s campaign to tame near-four-decade high inflation in focus as the larger economy enters a phase of slow-down.
Summary
The 7-day performance of top coins seems to be moving towards greener pastures. Ether (ETH) gained about 9% while Dogecoin (DOGE) and Litecoin (LTC) remained to be top performers with about 40% and 25% growth, respectively. Other altcoins like XRP and Solana have also shown strong signs of recovery.
Disclaimer
Please note that this is not trading advice. We recommend you to carry out your own research before making any trading decisions. This article is for informational purposes only.
