Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The massive market crash that saw more than $1.4 billion in crypto liquidations is thinning out, with Litecoin (LTC) leading the altcoin recovery. Key metrics associated with the coin have recorded a positive jump over the past 24 hours, signaling the likelihood that the worst is over for the altcoin.
Litecoin and altcoins rebound
At press time, the price of Litecoin was up 5.6.2% in 24 hours to $118.67. While volatility remains high, the coin has gradually pared off its losses over the past week.
Considering the pervasive sell-off, the coin has already invalidated projections that it may not record sharp moves.
Gamza KhanzadaevThe uptick in the Litecoin price is yet to be backed by a corresponding boost in trading volume. This metric is now down by 19% to $1.2 billion. However, the coin’s volume growth on trading platforms like Binance and OKX has recorded 14.39% and 5.98%, respectively.
However, other altcoins are also showing off their recovery on the market at a more cautious pace. Ethereum (ETH) is recovering from the Bybit hack, jumping by 2.85% to $2,463 as of press time. While the coin has yet to return to its pre-hack price, it has survived, dropping below the $2,400 support zone.
Other altcoins like XRP, Solana (SOL) and Cardano (ADA) are also up 4.77%, 1.87% and 2.4%, respectively.
Is bottom in for LTC?
With Litecoin leading the altcoin recovery, market analysts remain convinced that LTC price might have hit its bottom. Amid the drawdown, LTC dropped as low as $108.4 before the bulls rejected further sell-off.
Tomiwabold OlajideDuring this period, the hype around potential Litecoin ETF approval did not immediately shift the sentiment but remains a tailwind for long-term investors.
As a coin considered a commodity, LTC is poised to benefit more from the current change in crypto regulatory policies. Some investors understand this and are already pricing it in through this recovery.
Dan Burgin
Vladislav Sopov