Litecoin's (LTC) price hit a one-month high on Monday amid a broader bullish tone in the cryptocurrency market.
The world's seventh largest cryptocurrency by market capitalization reached $68.59 at 12:10:00 UTC – its highest price since August 7th, according to CoinDesk's Litecoin Price Index – and was last seen trading at $68.18, up roughly 4.2 percent on the day.
The recent bullish mood in cryptocurrency markets could be attributed to bitcoin's 20 percent rally from the August low of $6,000. More importantly, the world's leading cryptocurrency by market capitalization is looking up, having witnessed a pennant breakout, as CoinDesk previously reported.
The long-term picture is also looking rosy, courtesy of the weekly MACD's bullish turn. As a result, LTC could soon find acceptance above the immediate resistance lined up at $69.00 (50-day MA).
Litecoin's market capitalization stands at $3.95 billion – its highest level since early August.
The broader market is also flashing green. Names like bitcoin (BTC), bitcoin cash (BCH) and EOS are all recording price growth in the past 24 hours. Meanwhile, Monero (XMR) is the biggest gainer among the top 10 cryptocurrencies with a more than 10 percent price increase since yesterday.
Disclosure: The author holds BTC, AST, REQ, OMG, FUEL, 1st and AMP at the time of writing.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.