Litecoin (LTC) price has performed well over the past few days, despite bitcoin dipping below $16,000 on Monday. LTC is currently trading at $68.90.
The price is up more than 12% in the past 24 hours, up 18.32% over the past seven days. This brings Litecoin’s current market capitalization to around $5 billion.
Relationship between LTC and BTC
In recent weeks, prices of most cryptocurrencies have plummeted following revelations about cryptocurrency exchange FTX. A bankruptcy hearing is taking place in a Delaware court today and additional information could be announced that could impact the market.
Following the resignation of FTX founder Sam Bankman-Fried as CEO, John Ray will lead the company. He is seeking approval of several motions filed in Washington. Its purpose is to allow FTX to continue as a going concern. These include paid providers and major cybersecurity service providers.
The collapse of FTX had a significant impact on cryptocurrencies. Most coins, including Litecoin, are down double digits this month. The panic in the market has caused many investors to liquidate their positions. There is a significant risk that many crypto companies will experience liquidity problems.
But lately Litecoin has been able to show an outstanding performance. LTC price used to be usually correlated with Bitcoin, but that doesn’t seem to be the case today. Bitcoin is currently trading at its lowest level in two years, and so far the largest cryptocurrency by market cap has failed to recover from the FTX crash.
On the other hand, Litecoin’s price has recovered about 32% from its lows this year. It is not yet clear why the prices have risen so sharply in the last few days. One possible reason is the lively activity on the Litecoin network.
Litecoin mining complexity has increased to 19 million, an all-time high. At the beginning of the year it was 11.6 crores. Further data shows that Litecoin hashrate has been in an upward trend for the past few weeks. As of Tuesday afternoon, it was trading at 532 TH/s, slightly below its all-time high of 580 TH/s.
Litecoin price prediction
Looking at the price chart, you can see that the LTC price has been in a strong uptrend for the past few days. In doing so, the coin managed to move above the 50-day moving average. Also, it has found a strong resistance at $64.16 – Litecoin managed to surpass this price today for the first time since November 11th.
The Litecoin stochastic oscillator has moved near the overbought territory. Also, the price has formed an ascending triangle. Therefore, the coin is likely to continue higher as buyers target the next key resistance at $70.