{"id":160498,"date":"2021-05-27T13:30:07","date_gmt":"2021-05-27T08:00:07","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=160498"},"modified":"2021-05-27T09:12:18","modified_gmt":"2021-05-27T03:42:18","slug":"bitcoin-effect-litecoin-is-going-move-this-way-and-theres-nothing-you-can-do-about-it","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-effect-litecoin-is-going-move-this-way-and-theres-nothing-you-can-do-about-it\/","title":{"rendered":"Bitcoin effect? Litecoin is going to move this way and &#8216;there\u2019s nothing you can do about it&#8217;"},"content":{"rendered":"<p>Riding on the back of Bitcoin&#8217;s recovery, the global crypto market cap witnessed a 9% surge in the past 24-hours alone and the same had a positive impact on the alts as well. The world&#8217;s largest crypto was up by more than 12% in the past 7 days, gradually making up for the market&#8217;s recent bloodbath.<\/p>\n<p>Expressing his bullish sentiment towards alts, Amsterdam-based technical analyst, Micha\u00ebl van de Poppe, asserted that Bitcoin would be the \u201clowest one\u201d to bounce back from the crash. In his recent analysis video, he <a href=\"https:\/\/www.youtube.com\/watch?v=N8FzXIdGAWY\">said<\/a>,<\/p>\n<blockquote><p>\u201cThe scenario of selling your altcoins to Bitcoins doesn\u2019t make sense\u2026 It does make sense to swap your Bitcoins to altcoins at the low or use additional liquidity to buy again.\u201d<\/p><\/blockquote>\n<p>Litecoin has been one among the many altcoins that has been gradually recovering from its lows. Belgium-based crypto-trader, George, recently took Twitter to express his bullish sentiment with respect to Litecoin. He <a href=\"https:\/\/twitter.com\/C2M_Killmex\/status\/1397456206659264514\">said<\/a>,<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<blockquote><p>\u201cIt will probably take time, but Litecoin is going to make new ATH\u2019s and there\u2019s nothing you can do about it.\u201d<\/p><\/blockquote>\n<p>Highlighting the coin\u2019s fixed supply, low emission, and equitable distribution, Coin Bureau&#8217;s analyst <a href=\"https:\/\/www.youtube.com\/watch?v=EkAJVZy7qNo\">pointed out<\/a> that LTC had an additional edge when it came to tokenomics when compared to other cryptos. Nonetheless, he was swift to highlight the coin\u2019s \u201climited use cases.\u201d He said,<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<blockquote><p>\u201cIt is nowhere near close to being a top performer in its payments niche.&#8221;<\/p><\/blockquote>\n<figure id=\"attachment_160505\" aria-describedby=\"caption-attachment-160505\" style=\"width: 943px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-26-at-7.32.16-PM.png\"><img decoding=\"async\" class=\"wp-image-160505 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-26-at-7.32.16-PM.png\" alt=\"\" width=\"943\" height=\"487\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-26-at-7.32.16-PM.png 943w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-26-at-7.32.16-PM-300x155.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/Screenshot-2021-05-26-at-7.32.16-PM-768x397.png 768w\" sizes=\"(max-width: 943px) 100vw, 943px\" \/><\/a><figcaption id=\"caption-attachment-160505\" class=\"wp-caption-text\">Source: CoinMarketCap<\/figcaption><\/figure>\n<p>With a market cap of more than $12.9 billion at press time, the coin occupied CMC&#8217;s 15th rank and was trading above the $195 mark. The analyst further said that it was difficult for the coin to move ahead in its rankings amidst the competitive ecosystem. He added,<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<blockquote><p>\u201cThere are seriously legit smart contract cryptocurrencies that are building out massive ecosystems. Those who haven&#8217;t surpassed LTC, probably will, in due course.\u201d<span class=\"Apple-converted-space\">\u00a0<\/span><\/p><\/blockquote>\n<p>Nonetheless, he went on to predict that Litecoin could potentially hit $1,000 at the end of the bull run, provided Bitcoin did well. He further said,<\/p>\n<blockquote><p>&#8220;If BTC pulls a 2x or 3x, I reckon we would see a similar move from most large-cap alts including LTC.\u201d<\/p><\/blockquote>\n<p>He further asserted that the coin could possibly go higher than his predicted figure depending on how well its MimbleWimble update is executed. The aforementioned update would implement extension blocks to Litecoin\u2019s chain and thus would allow users to effectively mask their identities and trade in full confidence.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Earlier, Poppe had highlighted that it was merely a matter of time before Litecoin completely <a href=\"http:\/\/ambcrypto.com\/why-its-only-a-matter-of-time-before-litecoin-does-this\/\">followed<\/a> Ethereum\u2019s footsteps. At the time of writing, Litecoin was more <a href=\"https:\/\/cryptowat.ch\/correlations\">positively correlated<\/a> to Ethereum [+0.83] than Bitcoin [+0.80].<\/p>\n<figure id=\"attachment_160500\" aria-describedby=\"caption-attachment-160500\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-realised-cap.jpeg\"><img decoding=\"async\" class=\"wp-image-160500 size-large\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-realised-cap-1024x576.jpeg\" alt=\"\" width=\"740\" height=\"416\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-realised-cap-1024x576.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-realised-cap-300x169.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-realised-cap-768x432.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-realised-cap-1536x864.jpeg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-realised-cap.jpeg 1800w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-160500\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p>Litecoin\u2019s realized market cap, on the other hand, has also been steadily increasing. This ultimately indicates the coin\u2019s bullish medium-term trend and an overall increase in the number of new investors in recent months. Interestingly, as the chart below indicates, the number of active Litecoin addresses was at par with the number of new Ethereum addresses in 2020. However, the former took the lead and was ahead of Ethereum by a substantial margin.<\/p>\n<figure id=\"attachment_160499\" aria-describedby=\"caption-attachment-160499\" style=\"width: 740px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-2.jpeg\"><img decoding=\"async\" class=\"wp-image-160499 size-large\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-2-1024x567.jpeg\" alt=\"\" width=\"740\" height=\"410\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-2-1024x567.jpeg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-2-300x166.jpeg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-2-768x425.jpeg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/05\/LTC-2.jpeg 1096w\" sizes=\"(max-width: 740px) 100vw, 740px\" \/><\/a><figcaption id=\"caption-attachment-160499\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<blockquote><p>&nbsp;<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Riding on the back of Bitcoin&#8217;s recovery, the global crypto market cap witnessed a 9% surge in the past 24-hours alone and the same had a positive impact on the alts as well. The world&#8217;s largest crypto was up by more than 12% in the past 7 days, gradually making up for the market&#8217;s recent<a href=\"https:\/\/ambcrypto.com\/bitcoin-effect-litecoin-is-going-move-this-way-and-theres-nothing-you-can-do-about-it\/\">Continue reading <span class=\"sr-only\">&#8220;Bitcoin effect? Litecoin is going to move this way and &#8216;there\u2019s nothing you can do about it&#8217;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":41,"featured_media":160501,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,360,32,66,3,4,20],"tags":[],"class_list":["post-160498","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-btc-trading-view","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bitcoin effect? 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