Litecoin Added Almost 11% on Friday

Litecoin rose 10.90% to $363.621 on May 7. It was the most significant one-day percentage gain since May 5. The move upwards helped to push its price cap up to $23.85 billion, or 1.01% of the total cryptocurrency market cap. At its highest, its market cap was $23.701 billion.

Litecoin traded in a range of $340.014 to $372.227 in the previous 24 hours. Its prices jumped by up to 35% to reach a one-year high against Bitcoin, which is the largest cryptocurrency in the world. Analysts expect an extended upside momentum for the rest of the ongoing monthly season.

On Thursday, the LTC/BTC exchange rate reached 6,358 sats during the Asia Pacific trading hours. Still, the pair later corrected to an intraday low of 5,776 sats ahead of the London opening bell as profit-taking sentiment increased near the sessional peaks. The downside correction dit little when it came to offsetting Litecoin’s growth bullish strength. The blockchain analytics firm Glassnode noted a dramatic spike in the number of active Litecoin addresses this year.

Litecoin and Bitcoin

The Litecoin price uptrend is connected with an ongoing altcoin market boom. Recent sessions saw Bitcoin losing its market share to numerous cryptocurrencies. Ether, which is the second-largest cryptocurrency in terms of market cap, reached more than $3,500.

Against Bitcoin, Ether’s price reached almost 6,350 sats for the first time in more than 2 years on Thursday.

Litecoin also reached positive results in both the Bitcoin- as well as U.S. dollar-quoted markets. On Thursday, the LTC/USD exchange rate reached within the range of its previous best result. It reached $365.20 before turning lower into the London session.

Meanwhile, Bitcoin’s market consolidation mood continued to push traders to look for profitable opportunities in the altcoin market. Bitcoin’s declining dominance in the crypto market came out to be inversely correlated with the LTC/USD price performance.

As of Friday, the world’s largest cryptocurrency is trading inside the $51,000-$60,000 range. In its stable, consolidating avatar, it provides bullish cues to the altcoin market, including Litecoin. It has the potential to reach more than $1,000.