Of late, the crypto market has been nice especially to the top coins like Bitcoin and Litecoin. Besides Bitcoin which is the ultimate market leader, Litecoin seems to look good too as compared to other altcoins. In fact, according to a tweet sent out by one ‘Loma’, the crypto has been on an impressive rise of late.
Litecoin’s movement as of late has been a good indicator of what’s to come for alts.
Litecoin is up over 10% on the daily.
— Loma (@LomaCrypto) May 24, 2019
Loma’s tweet comes at a time when the larger crypto market is finally showing serious signs of recovering from months of crypto winter that saw even the top leader like Bitcoin stuck at the low end for a long time. However, with such developments, hope is back.
Going on in his tweet, Lama noted that Litecoin has scored a good 10% price jump on the daily, raising questions as to whether this increase might affect other altcoins in the market.
We can only wait and see. At the moment, Litecoin sits at position 5 among the top 10 cryptos, trading at around $101.64 and with a market cap of $6.29 billion and daily trading volume totaling a cool $5.7 billion.
Can It Be An Indicator?
In his tweet, Loma wondered whether Litecoin’s market development could be a ringing bell for other altcoins to follow suit. For one, Bitcoin has been the main trigger for crypto price increases for years, although there have been a few isolated instances where some cryptos have unexpectedly mounted their own sharp spikes. Case in point is the recent 100% spike in BSV’s price triggered by some news about Craig Wright claiming copyright to the Bitcoin Whitepaper.
Granted, there has been a lot of talk about whether altcoins are currently capable of decoupling from Bitcoin to chart their own price trends. Now the question is: Could it be Litecoin or what other crypto looks set to lead the dissenting camp? Loma wagers that, indeed, Litecoin has been a good indicator for other cryptos, but what happens next is still a subject of speculation.
Are There Skeptics?
Lama’s tweet did touch a few nerves of crypto fans that came out to offer dissenting opinions. To some, Litecoin is yet to beat Bitcoin as a valid market influencer.