There was a time when Litecoin was trading alongside the leading providers in the crypto market, Bitcoin, Ethereum and XRP. But in recent years, since the previous market bubble in 2017, the prominent altcoin has suffered.
However, according to a Bitcoin analyst, Litecoin could be on the verge of becoming even stronger against its Altcoin brothers as a “new market cycle” is about to emerge.
Litecoin shapes the key reversal pattern
Rekt Capital, a technical analyst, recently noted that Litecoin’s versus Bitcoin chart shows signs of a macro reversal following the LTC crash against the market leader in 2019.
In fact, a reversal appears to be emerging. Bitcoin has achieved breathtaking performance of 35% in the past month, but Litecoin has performed even better and has risen by 76%, according to data from Coin360. This enabled the pair of Litecoin to climb even further against Bitcoin.
Rekt Capital’s analysis suggests that if LTC / BTC manages to close above 0.0075 BTC weekly, the upper end of the blue area on the graph below, this will move the asset closer to “confirming a new market cycle ”Would bring.
Historically, the blue zone has figured as an accumulation zone
Ever since its 2019 Halving, LTCBTC has enjoyed an extended accumulation period there
– Rekt Capital (@rektcapital) February 1, 2020
Damn altcoins in the long run?
Although altcoins may get some love in the medium term, the long-term prospects for this class of cryptocurrencies seem decidedly pessimistic.
In previous reports, a Reddit user found that by diversifying a $ 1,000 portfolio into the top 10 crypto assets (Bitcoin, Ethereum, XRP, etc.), 10% of every coin would change its portfolio in a year 1.7% increase.
Over the same period, Bitcoin gained 95% in itself, while even traditional asset classes gained dozens of percent and almost record profits.
Proof of text: newsbtc