Surging Litecoin Is Leading the Crypto Price Recovery

The recovery of the wider crypto market is looking stronger by the day, and litecoin is leading the way.

AccessTimeIconFeb 15, 2018 at 1:15 p.m. UTC
Updated Sep 13, 2021 at 7:34 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The crypto market recovery is looking stronger by the day, and litecoin is leading the way.

As of writing, the total market capitalization of all cryptocurrencies stands at $466 billion – its highest level since Feb. 2, and a 68 percent rise from the low of $276 billion seen on Feb. 6.

The sharp recovery could be associated with chart factors (oversold conditions) and the U.S. Senate's cautiously optimistic response to calls for stricter regulations, or it could indicate the markets have digested the negative news flow out of China and South Korea.

Either way, with bitcoin now eyeing a break above $10,000, the broad-based recovery could gain further traction.

Amid the rebound, names like litecoin, ripple, and neo have put on a good show since Feb. 6.

Litecoin (LTC), in particular, has had a stellar run in the last couple of days and is up 54 percent week-on-week. The cryptocurrency has appreciated by 112.27 percent from the Feb. 6 low of $106.94 and is leading the recovery in top 10 cryptocurrencies by market capitalization.

The lure of making quick money on an upcoming hard fork seems to have boosted demand for LTC, although the legitimacy of the project is under question. As of writing, LTC is seen changing hands at $227, according to CoinMarketCap. Despite the impressive performance of late, LTC is reporting a 2 percent drop on a year-to-date basis.

Meanwhile, Ripple's XRP token has strengthened 90 percent from the Feb. 6 low of $0.58 and now ranks second on the list of biggest gainers among the top 10. XRP was last seen trading at $1.12 – still down 51 percent from the Dec. 31 close of $2.30.

Meanwhile, neo has appreciated by 86.50 percent from Feb. 6 low of $64.88 and is the reporting 59 percent year-to-date gains – the highest in the top 10. That said, the project will likely explore the downside against bitcoin as suggested by the recent head-and-shoulders pattern.

At press time, its price was $121.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Ripple. 

Prices correct at time of writing and sourced from CoinMarketCap.com.

Old coins image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.