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Litecoin Commanding The Market With A 12% Surge

06 january 2019, 23:45 by John Kiguru

Litecoin Commanding The Market With A 12% Surge

The last couple of hours have seen the ‘silver’ of cryptocurrencies make some big leaps in the market. Litecoin has now set a new 2019 price peak following a more than 12% price surge. This performance comes off the back of the launch of Ethereum and Litecoin swapping on the biggest exchange based on trading volume, OKEx crypto exchange.

The announcement first came in December allowing bulls enough time to consolidate and now finally rally. In addition to this, the bulls are riding on the announcement that Litecoin Lightning Network has hit a major milestone in active nodes- 100 active nodes.

Looking at the market cap margin between Litecoin and EOS, the next couple of hours could see Litecoin overtake EOS in market ranking. At the time of press, Litecoin stands at $2,255,598,587 while EOS stands at $2,462,567,082. Already

Litecoin has been able to push its way above Stellar XLM which overtook it last year and now it looks poised to slide past EOS.

The slow movement from most of the top 20 coins has greatly boosted Litecoin’s pursuit of a higher ranking. Among the top 20 coins, only Cardano has seen a gain close to Litecoin’s and at the time of press is up by 7%.

At the time of press, Litecoin is trading above $37, edging closer to $38. The next realistic key level for the coin now is $40 where the bulls are bound to encounter stubborn resistance. In recent weeks, the wider market has developed a pattern of rallying at the beginning of the week and this could play crucial for Litecoin.

If prices can push as high as $40 before the next wider market bullish charge, the momentum could just be enough to get Litecoin righty at the edge of a $50 position.

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