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Assessing if Litecoin’s position as an inflation hedge can push it to $500
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Litecoin, over the past year or so, has been gradually pushed out of the list of top-10 coins ranked by market cap. As expected, newer coins soon gained traction on the charts.
Over the last few months, the alt has kept a low profile, tempting the market with a potential breakout. Finally, over the last three days, Litecoin registered a close to 40% price jump.
The main driver behind this spike was the bullish momentum projected by the broader market. However, other factors too can’t be ruled out. As mega-cap coins like Bitcoin and Ethereum saw double-digit gains, hitting new all-time highs, LTC following suit didn’t come as a surprise.
Notably, LTC’s correlation to Bitcoin’s new ATHs played an important role in the recent price uptick.
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