Litecoin has flipped Shiba Inu in market cap today as the cryptocurrency has shown a strong performance of 13% gains during the last 24 hours.
Litecoin Has Shown A Sharp Uptrend During The Past Day
Most of the cryptocurrency market has struggled during the past day as assets have either registered declines or moved sideways. Even Bitcoin, which had shown to be quite resilient recently, has gone underwater in this period.
Litecoin, however, has shown surprisingly sharp bullish momentum regardless of what has been going on in the rest of the sector, and as a result, has significantly outperformed the other top coins.
At the time of writing, LTC is trading around $91, up 13% in the last 24 hours. The below chart shows how the coin has performed during the past month.
Looks like the price of the asset has shot up during the past day | Source: LTCUSD on TradingView
As you can see in the above graph, Litecoin has noticed some high volatility during the last 30 days. The coin had taken a sharp plunge earlier in the month (much like the rest of the market) but had then recovered strongly after forming a bottom.
LTC's recovery, however, slowed down in the last week before the coin could reach the same high levels as one month ago. But it seems like the uptrend has finally resumed, as the coin has seen some sharp rise today.
As it stands, Litecoin has enjoyed profits of about 15% during the past week, making the coin the best-performing top cryptocurrency after XRP (which has managed about 22% in gains).
But nonetheless, even with the strong surge in the past day, the asset is still about 4% into the red in terms of monthly returns as the recovery hasn't quite finished yet.
Signs are looking good for LTC in long-term growth, though, as a strong bullish narrative in the form of the halving is just a few months away now. A halving is an event where an asset's production rate (the mining block reward, to be more specific) is permanently cut in half.
This is a periodic event that takes place about every four years, with the next one being estimated to occur in August. Historically, halvings have had a bullish effect on the price because the supply becomes more scarce following them.
LTC Has Flipped SHIB In Market Cap
Thanks to the strong upwards momentum that Litecoin has enjoyed today, the asset's market cap has grown larger than Shiba Inu's. The asset has now dethroned the meme coin from the 13th spot on the list, as data from CoinMarketCap shows.
LTC seems to have a market cap of $6.6 billion right now | Source: CoinMarketCap
While Litecoin may have taken the lead for now, the gap between it and Shiba Inu is less than $250 million. This means that the coin can easily fall down again if it doesn't keep up its performance, or if SHIB starts to do slightly better than it is currently.
Featured image from Michael Förtsch on Unsplash.com, chart from TradingView.com
Source: NewsBTC.com
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