Sure, Litecoin (LTC) has been receiving some flak as of late, but there’s no denying the surge the cryptocurrency has undergone in recent months. One analyst argues that the rally in that specific asset could be setting Bitcoin (BTC) up for an eventual recovery, citing eerie similarities in the two assets’ price action.
In mid-December, LTC was trading at a mere $23. But since that December 14th, which many saw as the bottom for this budding market, the asset, often deemed a silver to Bitcoin’s gold, has decidedly surged. Litecoin now sits at a hefty $60 — up 160% off its lows from a U.S. dollar standpoint, and up 110% BTC-wise.