The crypto market is looking stronger by the day for recovering, and litecoin is leading the way.
The total market capitalization of all cryptocurrencies stands at $466 billion – its highest level since Feb. 2, and a 68% rise from the low of $276 billion seen on Feb. 6.
The sharp recovery could be associated with chart factors (oversold conditions) and the U.S. Senate’s cautiously optimistic response to calls for stricter regulations, or it could indicate the markets have digested the negative news flow out of China and South Korea.
Either way, with bitcoin now eyeing a break above $10,000, the broad-based recovery could gain further traction.
Litecoin (LTC), in particular, has had a stellar run in the last couple of days and is up 54% week-on-week. The cryptocurrency has appreciated by 112.27 percent from the Feb. 6 low of $106.94 and is leading the recovery in top 10 cryptocurrencies by market capitalization.
In lure of making quick money on an upcoming hard fork seems to have boosted demand for LTC, although the legitimacy of the project is under question. LTC is seen changing hands at $227, according to CoinMarketCap. Despite the impressive performance of late, LTC is reporting a 2 percent drop on a year-to-date basis.