The rally comes at a time when Ethereum has been under pressure due to concerns that the network could be impacted by a bug that would affect how transactions are processed. However, these fears have abated somewhat as recent research indicated it’s unlikely to be a serious issue, and today’s price action suggests investors are moving past this and focusing on the long-term promise of Ethereum.
Litecoin also advanced this week, possibly buoyed by more technical traders who’ve noticed the commonalities between litecoin and bitcoin’s charts.
Ethereum Makes A Dominant Plan
Litecoin (LTC) is showing signs of an uptrend for the first time in about two months. The price of LTC rose more than 10% on Thursday and continued to climb on Friday morning. The cryptocurrency is trading above its 200-day moving average for the first time since mid-August 2018, which could be a sign that it is ready to reverse its bearish trend.
So, what does all this mean for the crypto markets? Well, it’s still too early to tell. As we’ve seen from past market corrections and dips, it can be difficult to predict when a correction will end and whether or not it will result in a new bear market.
As always with these types of questions, your best bet is to stay informed about cryptocurrency news and developments as they happen (and make sure you don’t trade on emotions). The cryptocurrency community has proven time and again that it will bounce back after hard times—so keep calm and hold tight!
Let’s hope that this week’s bounce is a positive sign for the crypto market and its investors. There’s no telling how long these gains will last, but at least things are looking up for now!