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Litecoin Tries to Break into the Top Five Altcoins

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Litecoin (LTC) was able to renew highs along with Bitcoin.

The altcoin has risen in price to its highest values since early March 2020. Altcoin jumped to $ 60 at the end of July on some trading floors.

On Monday, August 3, the price of Litecoin dropped to $ 58, the capitalization of the cryptocurrency fell to $ 3.731 billion. LTC was able to accelerate so much that it surpassed Cardano in capitalization.

Litecoin is currently ranked sixth in the list of the largest altcoins and is preparing to break into the top five. Its closest competitor is Bitcoin SV, whose capitalization today is just over $ 4.029 billion.

Litecoin

Litecoin

*Unique Litecoin transactions per day

Transactional activity on the Litecoin network skyrocketed at the end of July to a nine-month high.

These days, the number of daily transactions exceeded 46,600, the highest value since November last year. It was at this moment that LTC was able not only to recover from previously incurred losses but also to demonstrate very good performance concerning the dollar and bitcoin.

However, in early August, transaction activity dropped sharply. Over the past day, the network has processed 35,488 transactions. However, Bitxmi analysts are still confident that Litecoin has not exhausted its potential to maintain upward movement dynamics.

The cryptocurrency is heavily dependent on BTC, which is currently consolidating. Once Bitcoin picks up, LTC can jump to $ 70 or more and return to the top five altcoins.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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