Litecoin prices rose by up to 35% to reach a one-year high against Bitcoin this week, prompting analysts to predict an extended upside momentum.
Litecoin is trading at $365.50 on Friday, up 10.90% on the day. It is the largest one-day gain since May 5.
The move upwards pushed Litecoin’s market capitalization up to $23.857 billion, or 1.01% of the total cryptocurrency market capitalization. At its highest, Litecoin’s market cap stands at $23.701 billion.
The crypto had traded in a range of $340.014 to $372.227 in the previous twenty-four hours.
Over the past seven days, Litecoin has witnessed a surge in value as it advanced 35.38%. The volume of Litecoin traded in the twenty-four hours to time of writing was $11.886 billion or 3.87% of the total volume of all cryptocurrencies. The cryptocurrency has traded in a range of $264.9128 to $372.2268 in the past 7 days.
At its current price, Litecoin is still down 13.42% from its lifetime high of $420.00 hit on December 12, 2017.
Litecoin’s current volatility rank, which gauges how volatile a financial asset is (variation among the lowest and highest value in a period), was 258.91% (last week), 258.91% (last month), and 258.91% (last quarter).
According to cryptocurrency trader and analyst, Rekt Capital Litecoin recently rallied to $360+, which means it has broken two very important resistance levels: $226 and $305. Some analysts say that Litecoin has the potential to hit unimaginable highs.
Bitcoin traded at $55,981.2, while Ether stood at $3,441.80
The world’s biggest cryptocurrency, Bitcoin, was last traded at $55,981.2 on the Investing.com Index, down 2.10% on the day.
Meanwhile, the second-largest cryptocurrency, Ethereum, was trading at $3,441.80 on the Investing.com Index, an increase of 1.53%.
Bitcoin’s market capitalization was last at $1,046.769 billion, or 44.40% of the total cryptocurrency market capitalization. Ethereum’s market cap hit $397.844 billion, or 16.88% of the total cryptocurrency market value.