Litecoin (LTC) has also been caught in today’s downdraft that has sent Bitcoin (BTC) down to new 2014 lows. But unlike typical behavior during periods of heavy selling, it has actually outperformed BTC.
While BTC is down by 8%, LTC is off by only 5%. Most other coins are actually positive.
Viewed differently, BTC is setting new 2014 lows (during stable trading conditions), while LTC still remains well above its low of $3.91. It is currently trading at $4.15 on BTC-e.
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Hence, LTC/BTC has climbed to 0.0113, challenging 2-week highs. The last time LTC traded at $4.15, BTC was trading at $392.
In general, it has followed BTC’s pattern during the past week. A spike of 20% upon the PayPal news, followed by gradual withdrawal to pre-PayPal levels. In LTC’s case, however, it has gone no further, heeding the $4 mark that had provided loyal support prior to the spike.
With the achievement of keeping its head above $4 for virtually all of September, LTC has passively caught up with its 50-day moving average (MA), which has finally slipped below $5 as it still absorbs August’s heavy losses. During the spike, LTC even came within 6% of this mark. It is now 15% off.
A sharp downturn in bitcoin, however, may bring a return of selling back to LTC. Should the $4 support break, LTC may once again amplify BTC’s losses.