Litecoin, an altcoin being hailed as the “digital silver” of the cryptocurrency space, has once again rewarded its faithful investors and holders as it mounted a massive recovery after bottoming out at $60.
Interestingly, the token made its bounce back shortly after CNBC host Jim Cramer went out of his way to call holders of LTC idiots.
Cramer, who has already earned a reputation for his inaccurate crypto price predictions, has already been thanked by the Litecoin community for his antagonistic remarks that ironically triggered the digital coin’s price increase.
“I would not touch crypto in a million years, because I wouldn’t trust the deposit bank,” Jim Cramer says while discussing the fallout of the collapse of FTX. https://t.co/0VbM5tYThE pic.twitter.com/9kqVMvbSOw
— CNBC (@CNBC) December 23, 2022
Some analysts believe that the host’s comments might have been fuelled by the fact that LTC was forecasted to be in a continued downward trend after abandoning its local high of $81.5 and tumbling all the way down to $69.
Chart: TradingView
Litecoin Reverses Its Bearish Trajectory
The 16th largest cryptocurrency with a total market capitalization of $4.93 billion once again showcased its resiliency as it got back some of its losses over the last few days.
In fact, according to tracking from Coingecko, at the time of writing, Litecoin was changing hands at $68.69 and is enjoying an increase in value of 5% over the last week.
It is still several dollars away from its local high, but LTC is proving to be one of the best performers in the space that is being plagued by continued market uncertainty.
LTC total market cap at $4.92 billion on the daily chart | Chart: TradingView.com
The crypto, however, needs to do an even better job of moving up if it hopes to get back on the “green zone” as far as its month-to-date performance is concerned.
LTC Rides Momentum Of Some Positive News
Litecoin is ranked as the second most active cryptocurrency today⚡
Source: Messari Chain Activity Native assets ranked by the estimated on-chain transaction volume in the last 24hrs. #Litecoin is consistently in the top 5 most active blockchains. pic.twitter.com/yrfrnr7GCZ
— Litecoin (@litecoin) December 27, 2022
Although it ended up being caught in a bearish movement just recently, Litecoin seems to benefit from some developments that involve the crypto asset.
For one, at press time, over the last 24 hours, the altcoin ranked second in the list of most active cryptocurrencies as reflected from the data shared by the Messari Chain Activity native assets ranking. LTC consistently makes it to the top five in this listing.
In addition, during the previous week, the number of active addresses holding the crypto remained consistent and its trading volume also registered an uptick.
These factors indicate that the digital silver has managed to gain some ground and is priming itself for another strong showing before the year ends.
In fact, Coincodex’s 5-day and 30-day forecasts for the digital token are both bullish, indicating that it will trade at $73.74 and $93, respectively.