Litecoin’s continued strength in recent days has seen the coin become the 15th largest crypto by market cap, unseating Solana from the spot.
Litecoin Observes Strong Week, Gains Over 9% During The Period
The last couple of weeks have been terrible for most of the crypto market, as the crash triggered by FTX’s collapse has resulted in double digital losses for much of the sector.
Litecoin, however, has been different. While the initial plunge did affect LTC as well, the crypto has made a much better recovery than the other top cryptos.
During the crash, LTC’s price dropped down to as low as less than $50 (from a peak higher than $70 before the plummet), but the crypto has already retraced back above $60.
At the time of writing, Litecoin is trading around $61.8, up 0.5% in the last 24 hours. Here’s a chart that shows the trend in the crypto’s value during the last thirty days:
Looks like the coin has enjoyed an overall upwards trajectory in this period | Source: LTCUSD on TradingView
As you can see in the above graph, Litecoin has registered positive gains during the past month, rising up by more than 20%.
These returns are better than most of the other cryptos. For comparison, Bitcoin is down 15% during the same period, while Ethereum is 12% into the red.
In terms of the weekly profits, LTC has jumped by almost 9%, which is again much better than the majority of the market.
As a result of the strength that Litecoin has shown recently, the crypto’s position in the wider market has improved a lot.
The #12-#16 spots on the top crypto list | Source: CoinMarketCap
Here, the criteria for ranking the coins is the “market cap,” a measure of the total worth of an entire crypto’s supply.
It seems like Litecoin is now the 15th largest asset in the sector, boasting a total market cap of around $4.4 billion currently.
This is a significant jump from the crypto’s position during the end of October, where it occupied the 20th place on the list.
The jump to the 15th spot has come at the expense of Solana, who has now dropped down to 16th. This is not only due to LTC’s strength, but also because of SOL’s weakness lately as the coin has dropped by 13% in the last week.
Featured image from Michael Förtsch on Unsplash.com, chart from TradingView.com Source : bitcoinist