After a sad start to the week, the cryptocurrency market is back in the green with Binance Coin (BNB) and Litecoin (LTC) leading the charge. The latter is up 18.72 percent today, trading at almost $55 and up from a low of $45 earlier in the week.
Binance Coin, the cryptocurrency of exchange giant Binance, enjoyed an even more impressive rally earlier this week, gaining almost 20 percent in value over 24 hours. The asset is now up a staggering 37 percent since this time last week, indicating a potentially huge surge in trading on the Binance platform.
A Twitter bot called LTC Whale Watcher (LTCWhaleWatcher) that monitors movements on the top 50 largest Litecoin wallets has been picking up some large deposits lately. A recent tweet revealed the second largest LTC wallet recently received almost 33,000 LTC, approximately $1.7 million.
Rallies such as these are usually followed by a sudden correction, although some analysts see a potential for further gains. This is the first time LTC has broken out of a key resistance level above 0.01 BTC since July last year. The price has also now surpassed the $48.30 support level that it broke below last November, indicating the strong possibility of a trend reversal.
LTC Lightning Network
The number of channels on Litecoin’s Lightning Network recently surpassed the 1,000 milestone mark, news that no doubt helped to drive this recent rally. Lightning Network is a second-layer network which aims to facilitate micropayments in cryptocurrency by reducing costs and transaction times.
Litecoin founder Charlie Lee has been working hard to promote Litecoin through various media channels. Last month, Litecoin became an official sponsor of the Ultimate Fighting Championship (UFC), the world’s leading mixed martial arts organization. More recently, Litecoin partnered with C & U Entertainment in South Korea to bring Korean K-Pop artists to the U.S. for the Feel The K-Pop concert.
At the time of writing, Litecoin and the overall cryptocurrency market continues to make gains. EOS is up an impressive 13 percent, with Ethereum (ETH) at 8 percent and Bitcoin Cash (BCH) up 5 percent. Bitcoin (BTC) and XRP are lagging behind with small 2-3 percent gains.