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Litecoin Price Nears $70 to Hit One-Month High
The price of Litecoin (LTC) recorded its highest price in a month on Tuesday as the broader market picks up the bid.
Door Sam Ouimet
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Litecoin's price hit a one-month high on Monday amid a broader bullish tone in the cryptocurrency market.
The world's seventh largest cryptocurrency by market capitalization reached $68.59 at 12:10:00 UTC – its highest price since August 7th, according to CoinDesk's Litecoin Price Index – and was last seen trading at $68.18, up roughly 4.2 percent on the day.
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The recent bullish mood in cryptocurrency markets could be attributed to bitcoin's 20 percent rally from the August low of $6,000. More importantly, the world's leading cryptocurrency by market capitalization is looking up, having witnessed a pennant breakout, as CoinDesk previously reported.
The long-term picture is also looking rosy, courtesy of the weekly MACD's bullish turn. As a result, LTC could soon find acceptance above the immediate resistance lined up at $69.00 (50-day MA).
Litecoin's market capitalization stands at $3.95 billion – its highest level since early August.
The broader market is also flashing green. Names like bitcoin , and EOS are all recording price growth in the past 24 hours. Meanwhile, Monero is the biggest gainer among the top 10 cryptocurrencies with a more than 10 percent price increase since yesterday.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
Litecoin via Shutterstock; Charts via TradingView
