Litecoin is up more than 21% in the past 24 hours, overtaking Shiba Inu in terms of market cap.
Litecoin Continues Recent Strength, Observes Sharp Uptrend
The past month has been very bad for much of the crypto market as even giants like Bitcoin and Ethereum have come under fire during the period.
The crash caused by the fall of crypto exchange FTX has been the main reason for the poor performance of assets in the sector.
However, Litecoin has shown much more resistance and the crypto has actually seen a rise while the rest of the market was on fire.
At the time of writing, the price of LTC is hovering around $78, up 21% in the past 24 hours. Here is a chart showing the trend in the crypto’s value over the past 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 dive initially as the price went from over $72 before to under $50 after.
However, it didn’t take long for the crypto to start compiling recovery efforts, thus outperforming the other cryptos in the few weeks following the crash.
However, in the past 24 hours, LTC has taken it to another level as the price of the crypto has just skyrocketed.
After this last meteoric rise, Litecoin has fully recovered from the FTX crash and has even far surpassed the peak seen just before.
As a result, LTC is up more than 50% in the past month, while Bitcoin and Ethereum are in the double digits over the same period.
In terms of weekly returns, Litecoin has once again performed amazingly, rising almost 35%.
Litecoin overtakes Shiba Inu in terms of market capitalization
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, of course, has further strengthened LTC’s position among the top crypto by market cap, moving from 15th to 13th. The table 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 Inu was ranked 13th on the list, but now the memecoin has dropped to 14th after the rise of Litecoin.
Featured image from Kanchanara on Unsplash.com, chart from TradingView.com