Litecoin jumps 17% to the best levels of the year. What's behind the rally.
Litecoin is leading the way in a broad cryptocurrency rally today. It's up 17.4% to $53.43 and touched at high of $54.00.
That's the best level since November as it briefly crested above the February peak of $53.44.
It's the best day for Litecoin since a 25% rally on February 8.
The gains are coupled with climbs in other cryptos but Litecoin was the first to rally:
- Bitcoin +4%
- Ethereum +8.5%
- Ripple +4.5%
There isn't a clear catalyst behind the moves. Technically, there are some positive signs. Crypto markets have been in a modest uptrend since December and Litecoin has been particularly resilient with a series of higher lows.
That comes along with a series of announcements of news and partnerships in recent weeks, along with steps to improve privacy. Yesterday the Venezuelan government also revealed a platform that will support Litecoin remittances, along with Bitcoin, in an effort to get around US sanctions.