Litecoin (LTC), the fifth most valuable cryptocurrency in the global crypto money market, rose by 12 percent in the evening against the US dollar in the evening. Maintaining its upward trend, crypto money is currently trading at $ 53.5, an increase of 16 per cent for the last 24 hours.
Litecoin's short-term sudden rally follows Bitcoin's rapid increase from $ 3700 to $ 3860.
Bitcoin defends the resistance level of $ 3,900 after defending its $ 3700 level relatively easily
What is behind the Litecoin's rally?
According to many brokers, the last price movement of Litecoin is fundamentally very technical. For the first time since July, Litecoin's strong performance against both the BTC and the USD exceeded a significant resistance level of 0.01 BTC. The cryptocurrency, up to 0.014 on the BTC basis, was the last time this level was on July 22, 2018.
In the 3 months we left, Litecoin performed relatively well compared to many crypto currencies.
Some analysts attributed Litecoin's overall increase in demand and interest to the fact that Litecoin became more proactive in the work on introducing crypto-money privacy features as well as high profile initiatives such as UFC and KPOP partnerships.
The creator of Litecoin, Charlie Lee, 28 With the integration of Confidential Transactions (CT) in January, he announced that crypto money would focus on privacy. Investors are likely to be more confident in the short-term performance of crypto money as the open-source developer community has increased efforts to improve the privacy features of the asset.