Litecoin chart on February 8: LTC/USD goes ballistic, +11% in a matter of minutes

Cryptocurrency market has started moving during early European hours. LTC/USD is among the growth leaders as the coin jumped 11% in a matter of minutes and became the 4th largest coin by market value.

LTC/USD tested $38.59 high before retracing to $37.07 by the time of writing. However, Litecoin is still down over 90% from the all-time high hit on December 12, 2017, at $420.00.

The trigger of the widespread move across the cryptocurrency market is not readily available. However, it is worth noting, that altcoins are riding the bullish wave, while Bitcoin legs behind as an initial jump above $3,400 in BTC/USD was quickly reverted. 

Looking technically, if LTC manages to settle above $35.00 (DMA100), a technical picture will look better, while the coin will get a chance to proceed to critical $40.00. 

The Relative Strength Index (RSI) on a daily chart has reversed upwards, so it supports the bullish scenario at this stage.

LTC/USD, 1-hour