Litecoin price surges above $90 in the absence of major catalysts — but why?
LTC price rallied 5.5% to reach an intraday high of around $92.50. In comparison, the total crypto market capitalization has risen 2.25% to $1.14 trillion, with BTC and ETH rising 1.79% and 1.42%, respectively.on March 22 appears to be the key driver behind Litecoin beating its crypto rivals over the past 24 hours.
Notably, LTC price rallied over 15% versus BTC and about 14.5% versus ETH since the Fed announcement.One reason could be that Litecoin has relatively underperformed the cryptocurrency market in March, dropping over 6.5% month-to-date versus the crypto market's 9.35% gains.Hence, traders likely saw this as a"buy the dip" opportunity for Litecoin with more upside potential, particularly as there were little to no other notable catalysts.
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