Litecoin, over the past year or so, has been gradually pushed out of the list of top-10 coins ranked by market cap. As expected, newer coins soon gained traction on the charts.
Over the last few months, the alt has kept a low profile, tempting the market with a potential breakout. Finally, over the last three days, Litecoin registered a close to 40% price jump.
Silver BTC following suit
The main driver behind this spike was the bullish momentum projected by the broader market. However, other factors too can’t be ruled out. As mega-cap coins like Bitcoin and Ethereum saw double-digit gains, hitting new all-time highs, LTC following suit didn’t come as a surprise.
Notably, LTC’s correlation to Bitcoin’s new ATHs played an important role in the recent price uptick. Interestingly, while the price soared, the correlation to BTC saw a decent uptick too.
What’s more, the 14th-ranked coin’s fundamentals look strong.
However, its annualized price volatility held lower values and presented a downtrend, alongside price gains. This made LTC more steady against dramatic price fluctuations.
In fact, Litecoin has been charting decent one-month and three-month ROIs v. USD of 50% and 62%, respectively.
Additionally, Litecoin’s Sharpe ratio too held high values. With a figure of 5.81, it was even higher than BTC’s (4.6 at press time)….