BTC - Litecoin a leading indicator for Bitcoin?
Litecoin has performed exceptionally well as of late, and that likely means good things for Bitcoin
Since the start of the year, litecoin has been one of the best performing cryptos on the planet.
Litecoin is up some 70% since the start of the year and more than doubled the returns seen thus far for bitcoin.
Check out the chart:
(Source: https://coin360.com/coin/litecoin-ltc)
BItcoin has enjoyed a stellar start to the year as well, but it's only up about 30% or so.
A great start yes, but about half of what litecoin has been able to do thus far.
We've seen this before...
Last year around this time of year we saw litecoin outperform significantly.
This was then followed by a massive bitcoin rally.
Specifically, we saw litecoin more than double in a 4 week stretch in March of 2019.
Shortly after, bitcoin started it's massive run that ultimately peaked in July right around $14k.
Perhaps litecoin going up significantly is again signaling what is to come for bitcoin?
I can't say for sure, but I sure hope so.
We have a lot of signs pointing to a massive rally coming for bitcoin.
Stay informed my friends.
-Doc
Litecoin is going up because some exchanges added LTC pairs and people moved from trading against BTC to trading against LTC due to lower network fees.
People don't need to convert first from LTC to BTC and then to FIAT, because sites like Coinbase convert straight from LTC to FIAT.
Which exchanges?
I haven't checked all the exchanges, but for example TradeOgre has more volume on LTC pair for some coins than on BTC pair. C-Patex is one of the exchanges that accept LTC as listing fee instead of BTC.
Correct me if I am wrong, but as I understand it, the last time btc halved, litecoin collapsed before bitcoin hit its pre -halving high. So if history repeats, LTC might be a canary in the coal mine for those trying time the pre-halving top for BTC.
I'd have to check the charts, but that does sound accurate...
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