Altcoins Back on the Rise With Litecoin Leading the Charge
The crypto markets are once again back on the rise with litecoin (LTC) leading the way in the top 10 cryptocurrencies at CoinMarketCap.
The price of bitcoin (BTC) jumped by more than $1,000 in the expanse of 30 minutes yesterday, with the rest of the market following suit, rising between 5-20 percent, while Litecoin (LTC) outperformed all other top 10 crypto by market capitalization.
LTC is up 13 percent over a 24-hour period and is currently changing hands just above the $100 resistance at $100.72.
Top 10 at CoinMarketCap
For now, the broader markets are flashing green, a welcome sight for the bulls who managed to stem the bleeding across the board with BTC defending a key area above $9,000 at 11:00 UTC yesterday morning.
As a result names such as EOS, Binance Coin (BNB), Ether (ETH) and bitcoin SV (BSV) are up between 7-12 percent respectively. Litecoin has been most involved with the rebound rally and is leading the pack by an extra 1.02 percentage points.
As can be seen in the hourly chart above, LTC has resumed its previous price action, witnessed July 11 to July 14, which shows a rough $8 consolidation range upon which prices attempted to find a fair price before moving lower amid greater market sell pressure on July 14/15.
Consolidation is the term for an asset or stock that is neither continuing nor reversing a larger price trend. Consolidated assets or stocks typically trade within limited price ranges and offer relatively few trading opportunities until a clear pattern emerges.
For now crypto traders can enjoy the temporary stop-gap offered from periods of consolidation to consider their next move as money continues to flow in and out of the markets.
Speaking of which, the total market cap of the entire altcoin market, excluding BTC, rose by more than $10 billion over a 24-hour period marking a slight increase in investor interest for the lesser names, particularly LTC.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Litecoin via Shutterstock; charts by Trading View