Litecoin (LTC) steals the rank from BCH after hitting a 9-month high

Litecoin (LTC) steals the rank from BCH after hitting a 9-month high

The crypto industry is currently participating in a powerful new rally — one that has taken Bitcoin beyond $18k for the first time since early 2018. Meanwhile, Litecoin (LTC) — silver to Bitcoin’s gold — outperformed Bitcoin Cash and took its rank as the sixth-largest crypto by market cap.

Litecoin outperforms Bitcoin Cash and gains a higher rank

Litecoin reached its 9-month high, with a price of $75.7. The coin is rapidly closing in on its highest point in 2020, which it reached in mid-February. At the time of writing, LTC is suffering a minor correction which took its price to $73.34. However, the price is still 1.49% higher than 24 hours ago, and the coin rose by 24.18% in the last 7 days.

Currently, the LTC market cap sits at $4.84 billion, while Bitcoin Cash (BCH) sits in the 7th position with a market cap of $4.59 billion.

While LTC performance is quite commendable, it is also worth noting that BCH recently went through a hard fork. The hard fork resulted in the creation of Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCH ABC), and Roger Ver commented that forking like this might have prevented PayPal from adding BCH support.

Litecoin picks up the pace and recovers from September lows

Many in the crypto industry are quite pleased to see Litecoin performing better than BCH, especially since the coin started falling behind the leading cryptos in recent years. Once referred to as the silver to Bitcoin’s gold, the LTC market cap is currently over 60 times smaller than that of BTC.

In September, the coin’s price sank to nearly $40, although it did start picking up after the October 21st announcement issued by PayPal, which revealed that LTC will be one of the few coins that the payment giant will list on its own platform.

With Bitcoin (BTC) once again leading what appears to be a major rally, Litecoin finally appears to be back in the game, and is following BTC’s lead.

The post Litecoin (LTC) steals the rank from BCH after hitting a 9-month high appeared first on Invezz.

Publication date: 
11/18/2020 - 14:45
Author: 
Disclaimer

The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.