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Litecoin price hits $400 all-time high, but LTC rally at risk of overheating

Monday, 10 May 2021

 

Litecoin (LTC) has broken the $400 mark, reaching a new all-time high price of $414 on Bitstamp on Monday. 

The problem with buying Litecoin is that it has become too expensive in a very little period. The world’s 10th-largest cryptocurrency by market capitalization is worth 215% more than it was at the beginning of this year, soaring from $124.42 to a new record high of $413.90.

Its massive rally has beaten traditional markets on a year-to-date timeframe, with many independent analysts now predicting the move to extend toward $500.

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Eye-popping returns in the Litecoin market came on the heels of a broad upside move in the cryptocurrency market. The silver crypto’s top altcoin rivals, including Ether (ETH), XRP, Cardano (ADA) and many others, posted better profits, with Dogecoin (DOGE), a joke cryptocurrency, rising by more than 17,000% YTD at one point.

Jason Lau, chief operating officer of OKCoin — a San Francisco-based crypto service business — highlighted a brewing inverse correlation between Litecoin and Dogecoin, noting that the DOGE/USD exchange rates dropped by 12% in the period that saw the LTC/USD exchange rates popping higher by 12%.

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