LTC outperforms all “Bitcoin alternatives” as Litecoin price adds a 17% rally this week
- Litecoin price, observing a 17% increase, is eyeing a rally beyond $100 with support from LTC holders.
- Owing to the recent LTC-20 hype and anticipation for the upcoming halving, Litecoin has added over 1 million new addresses this month.
- LTC, in comparison to other “Bitcoin alternatives” such as BCH, BSV, XMR, etc., has exceeded expectations.
Litecoin price ahead of the next halving event has benefitted significantly owing to the immense interest from crypto investors. Nearly 19 days into the month and the interest remains at a high resulting in the altcoin beating out multiple other cryptocurrencies that established themselves as a substitute for Bitcoin.
Litecoin price emerges victorious
Litecoin price in the last four days has noted a 17.29% increase in price, placing it above many of the altcoins in terms of growth this week. However, for a much longer time, the cryptocurrency has towered over many of the “Bitcoin alternatives”.
Justifying its label of “Silver to Bitcoin’s Gold”, LTC has outperformed some of the biggest BTC substitutes in the last 12 months.
LTC/USD 1-day chart
Since May 2022, Litecoin price rise has enabled it to beat some other well-known cryptocurrencies such as Bitcoin Cash, Bitcoin SV, Monero, etc. These tokens have claims of their own to be better than Bitcoin or be true to Bitcoin creator Satoshi Nakamoto’s vision. However, only Litecoin, built from Bitcoin’s code, has performed exceptionally, and it continues to.
$LTC outperforming all the 'BTC alternatives' pic.twitter.com/q8lXeikDKP
— Forrest (@00forrest) May 18, 2023
Presently, the cryptocurrency is gaining traction among crypto investors owing to the recent LTC-20 hype. The momentum will likely continue since the network is due for a halving this August. The anticipation surrounding the same has resulted in the on-chain addresses rising by more than 1 million, bringing the total to 8.26 million.
Litecoin total addresses
But these investors are not only joining the network but also scooping up as much LTC as they can to make profits ahead of the halving. Investors with a balance of 10,000 LTC to 100,000 LTC in their wallet have accrued over a million LTC tokens worth more than $91 million since the beginning of the month. This is an indication of potential upside to price as it would take some time for investors to start selling and taking profits.
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Litecoin supply distribution
Furthermore, Litecoin price is expected to benefit from its decreasing correlation with Bitcoin. Down from 0.83 a week ago, the correlation is now at 0.73. This will play in favor of Litecoin price as Bitcoin price is currently trading below the $27,000 mark.
Litecoin correlation to Bitcoin
Going forward, Litecoin price is expected to keep rising as it eyes to breach the $100 mark, potentially marking new 2023 highs above $102.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
