Litecoin has jumped to being the 4th largest cryptocurrency by market cap as it outperforms all other major cryptocurrencies during price increases today.
Data from Messari shows price increasing 13.34% over the past 24 hours whereas market leader Bitcoin has only increased by 1.25%.
Litecoin has led other top cryptocurrencies in the past, and we are seeing other top cryptocurrencies record increases since Litecoin has surged.
Price had been meeting resistance at a Fibonacci retracement level between the December low and the January high.
Price had already tested resistance at the 0.382 retracement level a number of times this week.
Today’s surge has resulted in price quickly rising above.
The January high is around $41, and there is a strong possibility that price can continue to this point.
The recent increases have been taking place on amounts of volume orders of magnitude above the 20-period average volume.
The majority of altcoins are outperforming Bitcoin today.
However, the increase being seen in Litecoin may be followed by a significant increase in Bitcoin which has happened a number of times in the past.
- Litecoin jumps to being the fourth largest cryptocurrency by market cap after outperforming all other major cryptocurrencies over the past 24 hours.
- Price overcame resistance at the 0.382 Fibonacci retracement level which it tested a number of times this week.
- The outperformance in Litecoin may be followed by an increase in Bitcoin which is being outperformed by altcoins today.
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