Litecoin (LTC) price rose by 20% and broke past $91 due to bullish momentum.

Litecoin (LTC) has recently experienced an impressive three-day bullish streak, which has excited investors as its price surged past the $91 level. Bullish traders see this as a significant victory, and Litecoin has caught the attention of market participants, generating renewed interest in its potential and signaling a potential shift in the broader cryptocurrency landscape.

The remarkable growth of Litecoin in such a short time has rekindled optimism among cryptocurrency enthusiasts, who are closely monitoring its progress.

Litcoin (LTC) Breaks Past Recent Lows

LTC has defied expectations with a notable 6.1% rally in the past 24 hours, shooting up to the $91.35 level, as reported by CoinGecko. This upward movement comes as a pleasant surprise for investors and traders who had concerns about LTC’s descent to the March low of $72 on June 14.

Source: Coingecko

The drop to this critical level sparked fears of a potential downward spiral for Litecoin. However, the strong buying pressure at the $72 support level proved resilient and initiated a mild price rally. The recent surge in LTC’s price not only demonstrates the cryptocurrency’s ability to rebound from critical levels but also solidifies the positive momentum it has gained over the last seven days. During this period, Litecoin experienced a nearly 20% climb.

Meanwhile, an important milestone in the acceptance of payments was recently noted in a post on Litecoin’s official Twitter account. The cryptocurrency reached an all-time high of 167 million transactions.

LITECOIN

๐Ÿ›’ Use for payments is at an ATH ๐Ÿ”„167 million transactions ๐ŸŒŽ Liquidity 4th in all of crypto ๐Ÿ—๏ธ More people building on $LTC than ever before = priceless โšก pic.twitter.com/kwr50SDbMR

โ€” Litecoin (@litecoin) June 22, 2023

LTC Rides The Wave of Bitcoin’s Momentum

Bitcoin’s recent surge toward the $30,000 mark has had a significant impact on the broader cryptocurrency market, lifting the prices of various altcoins, including Litecoin. Litecoin, being one of the prominent altcoins, has also reaped the rewards of Bitcoin’s recent surge, adding to its own positive momentum.

Bitcoin halfway into reaching the $31K level on the weekend chart: TradingView.com

Bitcoin’s price movements have historically set the tone for the broader cryptocurrency market, and Litecoin’s recent rally is a testament to this relationship. As Bitcoin continues to make strides and capture attention with its upward movement, altcoins like Litecoin stand to benefit from the increased market interest and positive sentiment.

Featured image from The Market Periodical