This Bitcoin-Offshoot Defies Broader Market Behavior, Logs Gains While Blue-Chip Coins Slip

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Litecoin USD/USD traded in the green on a day when the cryptocurrency it was forked out of, Bitcoin BTC/USD, edged lower. 

What Happened: The proof-of-work cryptocurrency defied the broader market to rise nearly 2% in the last 24 hours. In the process, it emerged as the market's second-highest gainer.

The coin's upward movement was noteworthy, as blue-chip currencies like Bitcoin and Ethereum ETH/USD dragged during the day.

A widely-followed Bitcoin trader, Trading Soldier, painted a bullish outlook for Litecoin, expecting it to hit $85 "anytime soon." Going by the cryptocurrency's current price, this will mean a surge of nearly 7.5%.

Why It Matters: Litecoin has remained the most preferred cryptocurrency for payments in the last six months, according to world's largest cryptocurrency payment service provider, BitPay. Its share of global payments in March was nearly 41%, significantly higher than Bitcoin's pie of 22.51%.

While Litecoin was originally intended to be a payment method, it has since evolved into a tool for speculation, trading regularly in the markets. 

In the last 24 hours, Litecoin's large transactions volume jumped 7.3% to $3.3 billion, according to IntoTheBlock, signaling greater engagement from the whales.

Price Action: At the time of writing, Litecoin was exchanging hands at $79.52, an increase of 1.9% in the last 24 hours, according to data from Benzinga Pro

Read Next: Bitcoin, Ethereum, Dogecoin Drag As Investors’ Risk Appetite Cools: Analyst Sees Consolidation As Precursor To ‘Normal Bull Run’

Market News and Data brought to you by Benzinga APIs
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