Litecoin (LTC) leads the way as crypto markets rise once again. It was in the top 10 cryptocurrencies listed at CoinMarketCap. Altcoins follow Litecoin in moving up the cryptocurrency ladder.
In the span of 30 minutes, the price of bitcoin (BTC) jumped by more than $1,000 mid-July. Along with with the rest of the market the following suit. While Litecoin (LTC) outperformed all other tops 10 cryptos by market capitalization, they all rose between 5-20 percent.
Over a 24-hour period, LTC was up 13 percent.
Top 10 at CoinMarketCap
A welcome sight for the bulls who managed to stem the bleeding across the board with BTC defending a key area above $9,000, and the broader markets flashing green.
Litecoin was the most involved with the rebound rally, leading the pack by an extra 1.02 percentage points. Others such as EOS, Binance Coin (BNB), Ether (ETH) and Bitcoin SV (BSV) were up between 7-12 percent respectively.
LTC has resumed its previous price action, witnessed July 11 to July 14, which shows a rough $8 consolidation range, as can be seen in the hourly chart above.
An asset or stock that is neither continuing nor reversing a larger price trend is called ‘consolidated’. Until a clear pattern emerges, consolidated assets or stocks typically trade within limited price ranges and offer relatively few trading opportunities.
As money continues to flow in and out of the markets, crypto traders can enjoy the temporary stop-gap offered from periods of consolidation to consider their next move.