LTC gains 5% amid Bitcoin’s September struggles. This report explores the strategic development behind LTC' gain.
failure to hold the crucial $57K support, has rallied approximately 3% over the past seven days, trading at $66.37 at press time.
However, while Bitcoin started September on a bearish note, dropping below $57K, LTC bulls have prevented a similar decline. Following this, LTC fell as BTC retraced to the $40K support line. Additionally, each time Litecoin has approached its highs, it has been bolstered by Bitcoin’s bullish momentum.
In addition, Bitcoin’s ongoing volatility has clearly attracted the attention of future traders, as evidenced by the high open interest shown below.Following the day, Bitcoin bears jeopardized a much-anticipated rebound, Litecoin’s Open Interest surged from $213M to $252M, marking an increase of 18.3%, while its volume jumped from $277M to $482M, reflecting a 74% rise.
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