Litecoin Flips Bitcoin Cash in Crypto Rankings With Rally to 9-Month Highs

Litecoin Flips Bitcoin Cash in Crypto Rankings With Rally to 9-Month Highs
Litecoin prices over the last month
(CoinDesk 20)

Litecoin jumped to nine-month highs early on Tuesday, replacing bitcoin cash as the seventh-largest cryptocurrency by market value.

The cryptocurrency rose to $75.77 during the Asian trading hours, a level last seen on Feb.24, according to the . Trading down slightly at $74 at press time, litecoin is still up 9% on a 24-hour basis.

Litecoin a market capitalization of $4.90 billion, higher then bitcoin cash – which on Sunday – at $4.67 billion.

Once referred to as the silver to bitcoin’s gold, litecoin has far fallen behind the top cryptocurrency in recent years. Bitcoin’s market cap is now near $310 billion, over 60 times greater.

Litecoin’s recovery from September lows near $40 picked up the pace on Oct. 21 after online payments giant PayPal for the cryptocurrency alongside bitcoin, ether and bitcoin cash. Litecoin jumped over 13% at the news, confirming a bullish pattern on technical charts, and has remained bid ever since.

While litecoin is up 80% this year, bitcoin has gained over 120%. The first ever cryptocurrency reached a 33-month high of $16,885 on Monday and was last seen at $16,700. Prices have risen by more than $6,000 since early October, by investments from notable companies.

Bitcoin’s continued rally looks now to be dragging along alternative cryptocurrencies in general. Chainlink’s LINK and Stellar’s XLM 5% on a 24-hour basis, while XRP has risen by 10%. Ether, the second-largest cryptocurrency, is up over 2% at $465. However, unlike litecoin and bitcoin, many top altcoins are yet to challenge their respective third-quarter highs.

Also read:

Why Bitcoin Thrives (and Why It Won’t Replace the Dollar)

Previous

Market Wrap: Bitcoin Ascends to $16.8K; Uniswap and Tether 35% of Ethereum Transactions

Next

More