Litecoin is up over 21% in the past 24 hours and has surpassed Shiba Inu in terms of market capitalization.
Litecoin Continues Recent Strength, Sees Strong Uptrend
Last month was very bad for much of the crypto market as even giants like Bitcoin and Ethereum came under fire during the period.
The accident caused by the fall of FTX crypto exchange was the main reason for the poor performance of the sector’s assets.
Litecoin showed much more resistance, however, and the crypto even saw a rise as the rest of the market burned.
As of this writing, the price of LTC is hovering around $78, up 21% in the last 24 hours. Here is a graph that shows the evolution of the value of the crypto over the last thirty days:
The price of the coin seems to have rapidly risen up in the last couple of days | Source: LTCUSD on TradingView
As you can see in the chart above, the crash also caused Litecoin to take a deep plunge, with its price falling from above $72 before to below $50 after.
However, the crypto didn’t take too long to start gathering recovery efforts, and thus fared better than other cryptos in the two weeks following the crash.
In the past 24 hours or so, however, LTC has taken it to another level as the price of the crypto has just skyrocketed.
Following this latest rapid rise, Litecoin has fully recovered from the FTX crash and has in fact far surpassed the peak seen just before.
As a result, LTC has grown over 50% over the past month, while the likes of Bitcoin and Ethereum are double digits in the red for the same period.
In terms of weekly returns, Litecoin again performed astonishingly, registering an increase of almost 35%.
Litecoin Surpasses Shiba Inu in Market Cap
At the end of October, Litecoin was the 20th largest crypto by market capitalization, but the strength of the coin this month against the rest of the cryptos made it the 15th largest a few days ago.
The latest rally naturally further boosted LTC’s position on the list of top cryptos by market capitalization, moving it from 15th to 13th. The chart below shows where the coin currently stands in the broader market.
Looks like LTC has a market cap of $5.5 billion at the moment | Source: CoinMarketCap
Previously, shiba inus was sitting at 13th position on the list, but now the memecoin has slipped to 14th following the surge of Litecoin.
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com