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‘Litecoin Leads Bitcoin’ — LTC 65% Gains Echo Start of 2019 Bull Run


‘Litecoin Leads Bitcoin’ — LTC 65% Gains Echo Start of 2019 Bull Run

Litecoin may be front-running Bitcoin’s next moonshot, say analysts after major monthly gains

Litecoin (LTC) hit $70 for the first time since September 2019 this weekend, fuelling speculation it will induce a Bitcoin (BTC) bull run.

Data from Cointelegraph Markets and Coin360 showed LTC/USD passing the notable $70 barrier on Feb. 1, going on to claim local highs of $71.50.

LTC seals 65% monthly returns

As with many major altcoins, the achievement caps a highly successful month for Litecoin, which on Jan. 1 traded at just $43.

Litecoin price 1-month chart

Litecoin price 1-month chart. Source: Coin360

However, the 65% jump caught traders’ attention for one reason in particular. As popular Twitter personality Loma noted on Saturday, Litecoin put in a similar performance in March last year.

After doubling its price over four weeks, Litecoin gave way to Bitcoin, which began a three-month bull-run culminating in a 19-month record of $13,800.

Analyzing current sentiment, Loma and others now see the potential for the pattern to repeat itself.

“Litecoin leads bitcoin,” investor Michael Flaum summarized on Twitter on Friday.

“Litecoin up 5.8% Don’t know why, but it’s a common trend. $10k bitcoin very possible.”

The road to $100K begins

As Cointelegraph reported, multiple trading sources have recently flipped increasingly bullish on Bitcoin’s prospects for this year.

Having broken out of the $6,000 range, commentators are now broadly convinced that a return to those levels is highly unlikely.

In a Market Discussion on Friday, two well-known crypto YouTubers added to the sense of anticipation, arguing that at current levels of $9,400, BTC/USD is already in the bull cycle, which could reach at least $80,000.

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