Bitcoin was positive on the week, but the coin was unable to pierce the $60k level. The US dollar was lower again, but the digital bellwether was unable to see extended gains.
Bitcoin’s underperformance lately is likely due to the attention and investment flows heading into altcoins. Bitcoin still has a market cap of $1 trillion and it is impressive enough that it is trading around the $60k level without serious sellers emerging so far.
The action in altcoins is moving into Litecoin, with the coin seeing a new all-time high near $413 on Monday, according to CoinMarketCap. Friday saw the LTC/BTC pair touch highs of $0.6660, which was the highest level since March 2020.
In last week’s article, we noted that crypto analyst and trader Michaël van de Poppe had predicted a gain of 65% in LTC/BTC. The coin is moving higher and could see an all-time high in the next few days. Litecoin was only $10 away from the ATH on Sunday. Van De Poppe sees the coin almost doubling to $700 but gave no timeframe for his target.
Twitter trader Julio_LTC was very bullish about the chances of Litecoin saying:
“I don’t believe we’ll see $7000+ this year but I do believe $LTC can go into the $3000-$5000 range. #LTC is a late game player.”
Data provided by IntoTheBlock shows price support at $259 and $269 after LTC saw almost 6 million coins bought by 103,000 addresses at these levels.
Coins often see new investment flows when they break out and hit the headlines. That could happen with Litecoin as it has been moving towards the record highs underneath the radar and the new highs could bring new interest.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.