One of the oldest altcoins, Litecoin (LTC), surged to $100.53 today for the first time since the infamous Terra (LUNA) crash happened. The last time the OG altcoin touched this price range was May 6th, 2022, even though LTC had quite a few mini bull runs throughout the year.
Currently, Litecoin is having a head start to 2023 with 33% gains in the last 30 days, 11% in the last 24 hours, and, most importantly, 55% up since Mad Money TV show host Jim Cramer blasted it live on air and said: “everybody holding Litecoin is an idiot.” Ultimately, crypto enthusiasts call it the “Inverse Cramer” strategy, which proved correct in the latest altcoin rallies.
Litecoin is now up ~55% since @jimcramer said anyone holding Litecoin is an idiot. #Litecoin $LTC #LitecoinFam pic.twitter.com/Mxux1DjwMT— johnez Ⓜ🕸 (@johnez_ltc) February 1, 2023
LTC Surges in Transaction Volume
The OG altcoin reclaimed its 7bn market cap and topped the two-year-old popular Japanese guard dog-themed memecoin Shiba Inu (SHIB). According to statistics provided by the leading crypto payment processor BitPay, LTC only trails the largest crypto asset Bitcoin (BTC).
Litecoin’s total transaction value is twice as much as Ethereum’s (ETH), even though ETH is the second largest by market cap. Litecoin is made out of modified Bitcoin code, served as one of the first altcoins, and caught the public’s eye because of 4 times faster transfers than BTC.
On the other hand, Shiba Inu also had a tremendous daily bull run with 12% gains, recovering a $7.5bn market cap. At press time, the super-popular canine coin trades at $0.00001282, according to CoinGecko. Indeed, both competing altcoins show similar price movements so far in 2023. However, the veteran Litecoin’s transaction volume is twice as large as SHIB’s, with over 1$bn in the last 24 hours.
bitpay- Payments by Cryptocurrency:— Doge Cuban (@DogecoinCuban) January 1, 2023
1. $BTC 41.62%
2. $LTC 27.64%
3. $ETH 11.86%
4. $DOGE 9.23% pic.twitter.com/HKcrgvn6P1
On the Flipside
- Some crypto investors are shorting Litecoin at $95, claiming it won’t keep above the fundamental $100 resistance level.
Why You Should Care
Litecoin is among the leading decentralized cryptocurrencies by adoption. Widely used as an alternative to Bitcoin, LTC has also shown longevity and stability.