Litecoin Leads Crypto Market Surge with 30%+ Price Increase & $1Bn+ in Trading Volume.
Since Mid November 2018 crypto has become fairly stagnant, ranging and slowly moving one way or the other as market interest decreased and overall trading volume declined. Today however, saw the market gain billions of dollars in value as increases are seen across the board with Litecoin leading the pack.
One catalyst behind the move may be the announcement from SEC commisioner Robert J. Jackson Jr that a Bitcoin ETF will eventually be approved, a warming from the typical response the SEC has given prior.
“Eventually, do I think someone will satisfy the standards that we’ve laid out there? I hope so, yes, and I think so.”
Technically speaking however, the move appears to be linked to the LTC/BTC market with the ratio forming a cup and handle pattern, that began in January. Today saw the neckline break and the pattern confirmed, as ratio exceeded the target of +15%, around 0.0115 BTC.
Short positions in LTC/BTC had also recently reached an all time high, priming the market for a short squeeze and help push prices higher in a domino effect. As of writing, Shorts have declined 15% but are still greatly over leveraged leaving room for potentially more upside in price movement against bitcoin.
Trading Volume has exceeded $1.5Bn, a respectable amount, last matched during sell off periods from $70 in November and December. Yet it is still but a small blip from the 2017 mania, suggesting this is not yet a complete reversal of the downward trend. All eyes remain on the Litecoin Halving occurring in August of 2019 where many expect prices to rise as the network will see deflation slow once more.