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Altcoins have spent the second and third quarter of 2019 thus far falling in value relative to Bitcoin price. Litecoin, as always, is leading this rally, and in a sense, lights the path for the rest of the altcoin market to shine.
It seems that the crypto market started its recovery after the last few days being pretty much down. Altcoins such as Litecoin, Ethereum, and XRP have been capitulating at first, but started to recover. Bitcoin price, finally passed $10K barrier and kept rising. At the time of writing, it surged by 6.02% to $10,249.56.
Crypto market has lately been pretty much impacted by pending regulation and Facebook’s Libra entry into the space.
It has been definitely a wild week for Litecoin and it still lasts. At the time of writing, Litecoin was up 10.29% to $96.76. This is a huge difference if we know that during the sell-off, LTC sunk as low as $76.70.
Let’s not forget that last week the Litecoin Foundation secured a partnership with the Miami Dolphins to accept cryptocurrency payments for the team’s 50/50 raffle using LTC and BTC. Despite this, Litecoin found itself locked to Bitcoin.
Usually, when Bitcoin goes down, the whole crypto market follows. However, Litecoin showed that it’s possible to defy Bitcoin’s dominance already back in February when it surged over 30 percent and re-took the fourth place by market capitalization. This time around, however, Litecoin went down together with Bitcoin, but it seems that it’s slowly finding its way back into positive territory.
In 17 days we should witness the Litecoin halving. The halving has been a popular subject of talk inside the crypto community, and its effects on asset’s valuation are always expected to be a pump-causing event.
The truth is that from its bottom at $20, Litecoin rose to a high of $140 representing over 600% gains for investors. Just to compare, Bitcoin rose from $3200 to $13800 that represents over 300% gain.
Let’s also not forget that last month the Litecoin Foundation gave an announcement about issuing their LTC debit card, an equivalent of a traditional payment card loaded with Litecoin-spending features. The notification read:
“The soon to be released debit card will enable users to spend the value of their cryptocurrency either online or in physical store locations, anywhere in the world where major credit cards are accepted.”
For a while Bitcoin price kept challenging the $10,000 barrier while the data was showing BTC/USD circling $9,900 on the back of 2.9% gains.
The pair had encountered difficulties over the week, declining from near $11,000 to hit local lows close to $9,000.
Analysts find it hard to reach consensus about whether the price declines were part of a long-term bearish trend. Investor and trader Josh Rager said:
“Bitcoin had a nice bounce that tapped the previous 4hr chart low and I honestly think it needs to push up more before continuation down.”
He added that if Bitcoin breaks above $9,830, resistance would in fact come into play slightly beyond $10,000, at between $10,192 to $10,342.
Until now, altcoins were pretty much suffering in value. The reasons could be many. One of them is Binance shutting off US customers to much of the altcoin market that made investors dump alts to buy Bitcoin. However, after two days of Calibra’s CEO David Marcus’s hearing, it seems that altcoins aren’t considered “the boogeyman” anymore.
Be it as it may, the picture is more uncertain for some in the longer term. Veteran trader Peter Brandt forecasted an 80% correction in overall cryptocurrency market cap gains seen this year.