Litecoin, an altcoin hailed as the “digital silver” of the cryptocurrency space, has once again rewarded its loyal investors and holders as it racked up a massive amount. recovery after reaching a bottom of $60.
Interestingly, the token bounced back shortly after CNBC host Jim Kramer struggled to call LTC holders are idiots.
Cramer, who has already earned a reputation for his inaccurate cryptocurrency price predictions, has already received the gratitude of the Litecoin community for his antagonistic remarks, which ironically caused the digital coin to rise. price increase.
“I wouldn’t touch crypto a million years from now because I wouldn’t trust a depository bank,” says Jim Cramer, discussing the aftermath of the FTX crash. https://t.co/0VbM5tYThE pic.twitter.com/9kqVMvbSOw
— CNBC (@CNBC) December 23, 2022
Some analysts believe the host’s comments may have been fueled by the fact that LTC is predicted to continue its downtrend after abandoning its local high of $81.5 and dropping to $69.
Litecoin changes its bearish trajectory
16th The largest cryptocurrency with a total market capitalization of $4.93 billion has once again demonstrated its resilience, recouping some of its losses over the past few days.
In fact, according to tracking from KoingecoAt the time of writing, Litecoin was changing hands at $68.69 and has increased by 5% in the last week.
It is still a few dollars away from its local high, but LTC is proving to be one of the top performers in a space that is suffering from continued market uncertainty.
LTC total market cap at $4.92 billion on the daily chart | Chart: TradingView.com
The cryptocurrency, however, needs to move up even better if it hopes to return to the “green zone” in terms of its monthly performance.
LTC gains momentum thanks to some positive news
Litecoin ranks second among the most active cryptocurrencies today⚡
Source: Messari Network Activity. Own assets are ranked by the estimated volume of transactions on the network in the last 24 hours. #litecoin consistently ranks among the top 5 most active blockchains. pic.twitter.com/yrfrnr7GCZ
— Litecoin (@litecoin) December 27, 2022
While Litecoin has been in a bearish move just recently, it appears to be capitalizing on this. some events associated with the crypto asset.
Firstly, at the time of publication, over the past 24 hours, the altcoin ranked second. on the list most active cryptocurrencies according to Messari Chain Activity Native Asset Ranking. LTC is consistently in the top 5 on this list.
In addition, during the previous week, the number of active addresses containing cryptocurrencies remained constant, while the trading volume also increased.
These factors indicate that digital silver has managed to strengthen its positions and is preparing for another strong performance before the end of the year.
In fact, 5-day and 30-day Coincodex forecasts for the digital token, both are bullish, indicating it will trade at $73.74 and $93, respectively.