Litecoin (LTC) is rising high and diverging from the broader crypto market’s bearish trends. It appeared bullish and stable, one of the rare winners in the crypto market despite the FTX’s debacle and market turmoil.
LTC rallied nearly 16% month-to-date (MTD) to reach $62.75 on November 22, and beat top rivals, bitcoin (BTC) and Ether. Both are down approximately 25% and 30% respectively, for the MTD period.
LTC/BTC price also rallied high, rising 50% in November hitting a new yearly high of 0.003970 BTC on November 22.
LTC drew praise from Michael Saylor, co-founder of business intelligence company Microstrategy. He called LTC a bitcoin-like “digital commodity.”
Reasons for LTC rally
Litecoin was on a one-week high rally last Friday. The LTC price outlook is also bullish, the $60 plus mark makes it one of the few coins standing unfazed by the FTX collapse.
The price action of Litecoin appears as a positive sign in the volatile market. The rise of Litecoin price may be a sign that LTC has received good outflows from other centralized exchanges.
On-chain sentiment analysis suggests the flow of a good number of dormant LTC tokens after November 14 in the aftermath of FTX issues. Litecoin, launched in 2011, was made using Bitcoin’s source code and for years it has been called the second-largest cryptocurrency.
Also, LTC is a decentralized digital currency and does not operate on any particular central exchange.