Litecoin (LTC) Winner Of The Week

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Last Updated on 19 December 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Although most will remember the past week as the moment when Bitcoin finally broke through the $20k ceiling and posted a new all-time-high which wiped the 2017 number off the board, Bitcoin is actually not the biggest winner of the week among the most known cryptocurrencies. Those that have been following the cryptosphere for a while now know that the biggest percentagewise winner of the past seven days was Charlie Lee’s Litecoin which grew 43% and is trading well above $100 again.

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Altseason

Together with other large-cap altcoins, Litecoin has been steadily climbing together with Bitcoin. As various analysts already put it correctly, the biggest difference between the 2020 December rally and the one experienced in 2017 is that back then it was only the traders that were hyped, and thus whenever Bitcoin would move up 4%, people would sell their altcoins to stay with Bitcoin, leading Litecoin, Dogecoin and others to lose 20% at the same time.

Now that is different, certainly ever since PayPal stated that several coins would be accepted for payment through its services as from next year. As the Silicon Valley behemoth said in October it would list 4 cryptocurrencies from the start, the three that everyone expected were indeed there. Those were Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH). The fourth, Litecoin (LTC), was just a bit surprising.

Summer 2019

Charlie Lee’s Litecoin has been steadily climbing since then and now broke above the $100 threshold again, which is the highest price since the summer of 2019.

Analysts expect institutions to pour a lot of money in other altcoins as well, in order to spread their bets whenever Bitcoin will experience a selloff in 2021, as we are all sure it will at a certain point.

It will be interesting to see which coins will get picked up and are considered trustworthy by Wall Street and which are considered shitcoins.

Looks like Lee’s coin in in the first category.