Crypto Around The World: May 7 Review
Litecoin Future Shines Bright With Potential BTC Pullback
Over the last week. there has been an increase in price volatility for Bitcoin and Ethereum. With Bitcoin showing signs of being overbought, it’s time to look at what the Litecoin future holds as it continues to outperform BTC and top altcoins.
After the overall cryptocurrency market cap surging past $675 billion earlier this week, the market lost momentum losing around $60 billion valuations by Thursday, December 24.
But the Christmas Day, the market made a solid recovery losing all the lost grounds with Bitcoin (BTC) and other altcoins pulling back strongly.
Bitcoin has been holding its crucial support levels strong and has moved past $25,000 levels hitting its new all-time high. It is a bit difficult to predict the further price action at this stage since Bitcoin enters the ‘discovery mode’ every time it makes a new all-time high.
However, one of the biggest factors that’s been driving the Bitcoin price rally is institutional investors. A leading on-chain metric that that showcases institutional demand is the Bitcoin OTC market, specifically the Bitcoin OTC market on Coinbase Pro.
On December 23, the Bitcoin OTC market saw 12,000 BTC move off Coinbase Pro – often, transferred to hardware wallets for greater security. The direct result is a declining supply while the overall demand in the OTC market increases.
At the same time, Bitcoin RSI (Relative Strength Index) is showing that it might be overbought. The Bitcoin RSI is a valuable indicator to understand where price movements and where selling pressure may create a potential pullback in the market.
How Will BTC Impact Ethereum Price Prediction Next Week?
The inverse relationship between Bitcoin and Ethereum has led many to search how a potential BTC pullback could impact the Ethereum price prediction next week.
Hitting its 2020-high of $667 last Sunday, December 20, the ETH price tanked nearly $100 by Thursday, December 24. However, this pullback was short-lived as ETH registered a strong comeback and is back trading at $622 levels with a market cap of $71 billion.
Market analysts are suggesting that any breakout above $650 can push the ETH price to a high of $700. The immediate resistance currently stands at $638 levels. Thus, ETH can be possibly on your purchase if you have at all considered buying some.
XRP Price Speculation Amidst SEC Lawsuit
XRP price speculation is in overdrive as it tanked by 50%+ in the last week. At press time, XRP is down 14% trading at $0.29 with a market cap of $13.6 billion.
There’s has been a massive sell-off in XRP after the U.S. SEC has slapped a lawsuit against Ripple for violating the federal securities laws and illegally raising $1.3 billion by selling XRP as unregistered securities.
XRP has shown wild volatility over the last three days mostly moving sideways. Thus, one must avoid any trading into it at this point. Even popular crypto exchanges like Bitstamp haveXRP trading for the time being.
Litecoin Future Shines Bright
Instead of XRP, keep a close watch on Litecoin (LTC) which has been showing solid strength over the last two weeks. But with many altcoins struggling in the last two weeks, the Litecoin future has shown signs of strengths
The LTC price has gained more than 20% over the last week. At press time, LTC is trading at a price of $126 with a market cap of $8.5 billion. The below chart shows that Litecoin (LTC) has dominated Bitcoin on the weekly chart.
Interestingly, the Grayscale Litecoin Trust (LTCN) has been heavily accumulating Litecoin over the last week. In the last one week, the total assets under management for LTCN has surged by 50% to now at $120 million.
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