Litecoin Outperforms the Top-Ranking Bitcoin
- Binance transferred 122,769 LTC to an unknown wallet.
- Investors consider Litcoin as the promising one for the short term.
Litecoin (LTC) emerged as one of the top-performing cryptocurrencies on March 23. It has separated itself from the broader market fall after the Fed decides to increase the interest rate. The decision may negatively affect Bitcoin (BTC) and other cryptocurrencies.
However, Litecoin was able to pick out a 13.78% increase in its repercussion. By this, LTC surpasses the top-ranking Bitcoin (BTC) and Ethereum (ETH). LTC price surged over 5.5% to reach the intraday high of $92.50. By comparing the total cryptocurrency market capitalization has raised around 2.25% to $1.14 trillion, with BTC and ETH rising about 1.79% and 1.42%.
Litecoin is the promising one for Short-term?
On-chain data shows that the rise in the Litecoin supply held by the address has a balance between 1 million to 10 million LTC in March. Additionally, the share of supply held in the address with a balance between 100,000 LTC and 1 million LTC has been dropping. Meanwhile, Whale Alert reported that the crypto exchange Binance transferred 122,769 LTC worth 11,398,997 USD to the Unknown Wallet.
Although the LTC has obtained the investor’s confidence and overperformed BTC, the next line of action is to take caution. It also infers that investors are considering the coin the promising short-term one.
Being at the top of the standings means the LTC has excellent status as per its community, finance, and market metrics. At the time of writing, the trading price of Litecoin is around $95, with an increase of 7.34% in the last 24 hours according to CoinMarketCap.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
